A secured loan is a type of finance where an asset is held as a collateral by the lender. In most instances, the asset being purchased is used to secure the debt. This type of finance bears lower interest rate than an unsecured loan. If a person fails to honour his/her commitment towards the debt, the lender can sell the asset to recover their funds.
An unsecured loan also referred to as a personal loan is a finance product which does not involve any collateral. In other words, a person does not need to provide an asset as security to obtain this loan. Personal loans bear higher interest rates, usually over 10%, as lenders have greater exposure towards the loan.
Our goal is to provide fast, reliable, and affordable car loans to the public.