Q: What is the difference between a secured loan and an unsecured loan?
A: A secured loan is a loan that is backed by collateral, such as a car or a house. If you default on a secured loan, the lender can seize the collateral. An unsecured loan is a loan that is not backed by collateral. Unsecured loans typically have higher interest rates than secured loans, but they can be a good option for borrowers who do not have any collateral to offer.
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