Aug 28, 2018
This guest post is written by our partners at .
If you’re researching loans, you may ask yourself, “what’s the difference between a secured and unsecured loan?” We’ve broken down the differences between the loan types to help you decide which is right for you.
When you secure your loan, you’re essentially backing your agreement to pay the loan back with an asset. Every lending company has different requirements to secure a loan, but most prefer to secure loans against a house or vehicle. are the most common type of secured loans when you’re securing the loan against the house you’re purchasing.
Secured loans may give you access to more money at a lower rate, because the lender has a stronger guarantee that you’ll make regular payments. On the other hand, they may involve more paperwork and a longer processing time, as the lender might need to have your asset assessed to ensure they understand its value.
are backed by a contract (not an asset). Unsecured personal loans don’t require you to have any type of asset to back the loan, meaning you don’t have to be a homeowner to qualify.
Another difference with unsecured loans is the time it takes to get approved. The application process for an unsecured loan is usually quicker since the lender doesn’t have to do a valuation of your assets. This allows you to access your money faster.
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If you have the option to secure your loan, there are several benefits of doing so:
If you’re a homeowner, a secured loan may be the right option for you. If you’re looking for a , you may be interested in our loan products at . You can request a to see how much money you could qualify for.
With so many types of loans out there, you have the option of choosing the best one for your situation. Remember, when deciding to secure your loan, consider things like your living situation (whether you rent or own a home), and how fast you need access to your money – this will help you choose the loan that’s right for you.
Credit scores can be very confusing and intimidating, and it’s very hard to find reliable information to understand your credit scores. That's why we created this definitive guide.
Sep 25, 2019
Welcome to The Ultimate Guide To Personal Finance For College And University Students, by Borrowell! In this five-part guide, you’ll learn about important personal finance concepts that will prepare you for the next few years of school and beyond.
Aug 07, 2019
Today is an exciting day for all of us at Borrowell! We’re pleased to share that over a million people have signed up to Borrowell as members. This is an important milestone. It means that one in every 25 adult Canadians uses our free credit monitoring service! By that measure, this makes Borrowell Canada’s largest fintech company.
Apr 02, 2019
Thanks A Million Borrowell Officially Passes One Million Members
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