Secured debt uses an asset as collateral to secure the loan, while unsecured debt doesn’t require any collateral. If a borrower fails to repay the loan as agreed, the lender can seize the collateral.

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Unsecured debt is a form of borrowing that is not secured by a specific material asset. Since this type of debt doesn’t require an asset as collateral, there’s nothing specific the lender will take ...

Could your debt be reduced or forgiven? Take our financial relief quiz. Find my match Could your debt be reduced or forgiven? Take our financial relief quiz. When used wisely, debt can be a stepping ...