Unsecured loans are considered riskier by lenders than secured loans. Because there is no collateral for the loan, it is more difficult for the lender to recoup the debt if you default. As a result, unsecured loans typically have higher interest rates than secured loans.
Unsecured loans, on the other hand, are typically easier to obtain. To finalize the loan, the lender does not need to appraise a home or other security. As a result, the lender simply examines your financial situation to see if you qualify.