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I am looking for a personal loan without paperwork can anyone give me clarity about secured and unsecured loans.

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There are some few factors that go into deciding on a secured or unsecured loan.
in a secured loan is normally easier to get and there's less risk to the lender.
An unsecured loan is a risk full by any collateral. If you default on the loan, then the lender
can't automatically take your property.
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Thanks for the valuable information and really helpful.
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With a verified advance, the bank can claim the guarantee in the event that you don't reimburse the advance as you have concurred. A vehicle advance and home loan are the most well-known kinds of verified credit. An unbound advance isn't ensured by any insurance.
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Hi, Thanks for your answer so we need a surety for a secured loan and what about the unsecured loans?
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Secured loans are those loans which are issued by keeping the collateral as a deposit and the lender will take the possession once if you don't repay the loan as per the agreement.

Unsecured loans are those loans which are issued without keeping any collateral as a deposit. An unsecured loan is not protected with any collateral. Here lender cannot take any possession on any collateral as he faces high level of risk because not keeping any collateral as a deposit.

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