Personal loans usually come in two forms: unsecured and secured. Unsecured loans are granted based on previous repayment history of a borrower and only require a signature to get. Secured loans have collateral requirements to be satisfied before the loan is granted. Both of them are available to all credit grades. Secured loans commonly feature higher approval rates and lower borrowing costs, as they pose less risk to lenders. Higher rates typically accompany unsecured loans, as lenders have nothing to fall back on, except for legal proceedings, to recover losses in case of defaulted payments.
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