Question by Gabe G: What is easier to recieve a unsecured or secured loan?
I want to know
Best answer:
Answer by Kristin
I would say a secured loan because there’s no questions asked if you quit making payments on the loan, they are just going to take your collateral. With an unsecured loan, if you quit making payments they will try to locate you, take you to court and if you don’t pay up you will probably have to hear from a collection agency until you figure something out.
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Secured loan because if you don’t pay they get your goods.
Of course, that’s with a reputable banking institution. If you use a loan shark, then an unsecured loan is easier, but you could get your kneecaps broken if you don’t pay.