A secured installment loan will require you to provide collateral to be able to take the loan. You can use any asset you have that a lender is satisfied will mitigate the risk of lending you money as collateral. Because secured loans are less risky for the lender, they usually have better rates.
Unsecured installment loans are less risky for you but riskier for the lender. So, the BC lenders will usually charge higher interest rates if you don't provide collateral. They will also usually require higher credit scores to qualify for.