What is the difference between a secured and an unsecured loan?

A secured loan is where we use one of your assets, usually a car, as security against your personal loan. This vehicle may be forfeited to the bank if you fail to meet your repayments. As we are able to hold this security, secured loans have a lower interest rate.

An unsecured loan means that there is no security against the loan.

If you find it difficult to make your repayments we may be able to help.

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