Anytime you borrow money from an individual, bank or organisation, you are taking out a loan. There are many types of loan available and the loan amount, interest rate and payment terms will vary depending on which type of loan you choose.
One of the things you need to consider when taking out a loan is whether it is secured or unsecured. Both have advantages and disadvantages, so it is important to understand the difference.
What is a secured loan?
A secured loan is a loan that is backed by something you own, an asset or collateral.
Morses Club PLC (LON:MCL) is an established, relationship-driven consumer finance provider offering a range of credit products and delivering exceptional services to customers in the non-standard finance market.