These are loans that are taken out by individuals generally for any purpose they need the money for. It could for home repairs, renovations, college tuition fees or buying a new set of home appliances. Whatever is the reason, personal loans can be categorized into two: unsecured and secured. For an unsecured loan, it is considered as a “clean loan” in banking industry parlance because no collateral secures to guarantee payment of the loan. The loan in effect was granted based on the mere creditworthiness of the individual borrower. These types of loans are usually smaller in amount and also carry a higher rate of interest to compensate for the greater risk of non-payment. Salary loans and credit cards (which are effectively also loans) are of this type.
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Secured loans are personal loans that are guaranteed with collateral such as a house or some other real estate property. In case the borrower fails to pay, the bank will foreclose on that property. Loans secured by some property carry lower interest rate and the amount that can be borrowed can also be bigger. But this loan is quite risky since you will be putting up your house at risk in case your income-generating capacity is impaired and for whatever reason, you fail to pay off the loan. If you are sure about payment sources, then go ahead and avail this type of loan for the lower rates. Auto loans also fall under the category of secured loans, which in this case, are called as “chattel loans”. The auto loan is secured by the automobile itself which guarantees repayment somehow; otherwise, it will be repossessed by the financing company or auto leasing company.
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