Glossary: Unsecured loan

Unsecured loans mean the loan is not secured on any asset you already own, such as a house, car or other assets and so is a riskier prospect for the lender. Therefore, they usually come with higher interest rates than their secured counterparts, are less flexible and levy high redemption penalties. Most “personal” loans are unsecured.

Glossary index   Glossary "U"
Last updated: Aug 2nd, 2011
Relevant to: Loans

More about