Loans

There are many types of personal loans to choose from — and some to be wary of — with varying interest rates, fees and term lengths. 

Unsecured loans don’t require an asset as collateral, but that can mean higher interest rates and tighter eligibility requirements.

A secured loan requires collateral, wheres an unsecured does not. Unsecured loans may have stricter qualification requirements than secured loans.

Secured loans require the borrower to put up an item of value as collateral. If the borrower fails to pay, the collateral can be seized by the lender.