Asked 3/19/2011
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Reasons Why Cheap Secured Loans are Really Cheap ? Reasons Why Cheap Secured Loans are Really Cheap ? |
Answer 2/2 - Submitted 3/26/2011
Secured loans are usually less expensive in terms of interest than unsecured loans, because of the collateral behind it. With a secured loan, if you don't pay, the company can take back whatever you used (house, etc.) to secure the loan, so there isn't as much risk of you not paying. Unsecured loans are higher risk, so lenders charge more in interest to make as much as they can off of you, just in case you stop paying.
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