What is Unsecured Debt?
A San Jose bankruptcy lawyer defines Unsecured Debt...
Unsecured debt is the opposite of Secured Debt with regard to acquiring a loan from a loan or banking institution. Unsecured debt mean there is no collateral or assets attached to the loan, thus making this type of loan scenario more risky for the lender. A result of obtaining a loan that is an unsecured debt is that the loan is more expensive because of the high risk it carries (for the lender). This means the percentage rate of the unsecured debt is higher than with a secured debt .
An example of the opposite of an unsecured debt, which would be a secured debt, is a loan secured by an asset such as a house.
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