Secured and Unsecured Personal Loans Explained
Some loans are used for specific purposes. Mortgages are used to purchase loans and car loans are used to secure transportation. Other loans exist for use with investments and other money-making strategies. All other loans are classified as personal loans. The use of funds from personal loans is at the discretion of the borrower. The money can be spent on anything from bill consolidation to a much-needed vacation. These loans come in two forms – secured and unsecured personal loans.