What’s the difference?
Let’s talk about unsecured loans first – this is when there’s no need for you to provide any security or collateral for a loan. Normally the amount you can borrow is less and the interest rate charged is slightly higher than a secured loan.
With a secured loan however, you can typically borrow more and at a better finance rate as you’ve provided security over the loan, like a car or property. A great example is a car loan where we finance you into a vehicle and take security over it until the loan is repaid.
So if you need finance at a great rate, the Loansmart loan application can be completed in under five minutes, so whatever you need, we’re here to help.