Posts Tagged ‘Secured’
Question by Carlton Januarie: Can you guys please explain to me whats the difference between a secured and unsecured loan ?
Can you guys please explain to me whats the difference between a secured and unsecured loan and the implication this has on a start up company requiring a bank loan…
Best answer:
Answer by A.J.
Secured means you pledge something (called collateral) that you are willing to give to a lender in case you can’t repay them. For example a home for a mortgage or a car for a car loan. This reduces the risk to a lender and increases the risk you’ll lose the collateral if things go south.
Unsecured means that you are lent money just based on your good looks and credit score. The amounts are never very high when it’s unsecured – rarely exceeding $ 100k.
In my experience the last thing you want to do is take on any debt for a startup. As confident as you are, things usually go wrong with startups, and let me tell you picking up the pieces is very tough. The better advice is… if you only make $ 10 in sales, learn to live on $ 5.
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