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U - Unsecured loan

05 June 2006

Unsecured loan - Compared with a secured loan, which involves your putting up some form of financial security against default, unsecured loans are harder to obtain, as banks are more choosy about who they lend to, and interest rates tend to be higher. What's more, if you fail to keep up payments you may be taken to court. (See also Finance.)

Glossary

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