Q. Explain secured and unsecured credit.
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Answer: A secured loan requires you to provide the lender with an asset that will be used as a collateral for the loan.
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A secured loan requires you to provide the lender with an asset that will be used as a collateral for the loan. Whereas and unsecured loan doesn't require you to provide an asset as collateral in order to attain a loan. ... Secured loans usually have a lower rate of interest when compared to an unsecured loan.
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