The most significant difference is that secured loans are backed by collateral, such as your home or car, which the lender can claim in case of default. As a result, lenders often offer lower interest rates and more favorable loan terms for secured debt. While many loans may sound the same, there are actually differences in terms and requirements between secured and unsecured debt. https://easzfin.com/some-face-a-survivors-penalty-after-a-spouse-dies-how-to-avoid-it/