Secured funds need an asset to guarantee repayment, while unsecured loans do not need such assurance. Get to know more from the table below.
Secured business loans
Unsecured business loans
You might lose the asset because of non-payment.
Your assets will remain with you even in case of late repayment.
You can obtain a sizeable amount of loan.
You can opt for a comparatively smaller amount.
You will have to opt for a longer duration.
You cannot stretch repayment up to many years.