Secured funds need an asset to guarantee repayment, while unsecured loans do not need such assurance. Get to know more from the table below.
|Secured business loans||Unsecured business loans|
|You might lose the asset because of non-payment.||Your assets will remain with you even in case of late repayment.|
|You can obtain a sizeable amount of loan.||You can opt for a comparatively smaller amount.|
|You will have to opt for a longer duration.||You cannot stretch repayment up to many years.|