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15 Ways To Rebuild Credit After Bankruptcy

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Smallbusinessfunding.com

Secured or unsecured loans

Unsecured loans are loans where there does not need to be any collateral taken out, instead high credit ratings are needed to be approved for the loan. Unsecured loans will tend to carry higher interest rates, since they will be taking on bigger risks.

Secured loans get backed by collateral. This is just in case you can’t make the repayment, then the back will take the collateral and sell it to pay back the loan.