Secured loans are the most conventional method of financing large sums of money at a lower APR. Unsecured loans however are a newer introduction to the financial sector. Since secured loans previously required that the borrower keep his home as collateral, many people who were without homes or who did not prefer attaching homes to obligations, were left with fewer options for finance. Unsecured loans were then launched as an alternative and they obviously come with a tag of high APR.
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