|Basis of difference
||collateral provided for the loan
||there is no collateral provided for the loan
||Interest rate is lower than unsecure loan
||Because of high risk interest rate is high
||Secured loans, particularly those secured with real estate, can have terms as long as 30 years.
||Because the bank is more at risk with an unsecured loan, the interest rates tend to be higher than with a secured loan
||Generally not available. Many banks will require an excellent credit score as well as an established relationship with the borrower before extending an unsecured loan
||With a secured loan, it is possible to write-off the interest associated with the loan. This would hold true if the loan is secured with your primary home as collateral
||With an unsecured loan, writing off the interest associated with the loan is not possible as it is not collateralized.