Differences between Secured and Unsecured loans
For unsecured loans (personal loans) you will not be required to submit any form of security. This means that if you are unable to repay the loan you will not lose any property other than your credit ratings. However, the interests on unsecured loans are higher than secured loans. You will also have shorter tenure to repay the loan. Many people who borrow these unsecured loans are those who need quick money. Most licensed moneylender provide same day cash personal loan Singapore.
Secured loans are based on collateral. You are required to submit something as collateral such as your private property (finance company will lodge a caveat on your private property). A caveat is a notice of the claim to the property. Both secured and unsecured loans have advantages and disadvantages. With secured loans you are given a longer tenure of repayment and the interest rate will be lower compared to unsecured loans. As for bridging loans, some legal money lenders allow you to repay the loan after you receive the proceeds from the sales of your property.