Helllppp in two paragraphs, compare secured and unsecured types of credit. secured sources of credit include title loans and personal loans. unsecured sources of credit include peer-to-peer loans and payday loans. research one type of credit from each category (secured and unsecured) to compare the sources of credit. in the first paragraph, compare secured and unsecured credit and briefly describe the two types of loans you researched. in the second paragraph, compare these two types of loans. your comparison should discuss elements such as risks and rates. be sure to support your comparison with evidence.

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

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