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Loans and financing come in two main flavors: secured and unsecured. For most consumers, deciding between secured and unsecured loans isn’t usually the first thing that comes to mind when choosing a loan. Often consumers don’t even have a choice between choosing a secured or unsecured loan depending on how the loan is already structured.
However, it’s still important to know the differences between these two types of loans. Below is a quick guide to everything you need to know about secured and unsecured loans.