Secured Loan Vs. Unsecured Loan
Consumer Loans, Auto Loans and more…
Unsecured Loans
An unsecured loan is done without pledging collateral. A loan is typically unsecured when done for a small amount and a relatively short period of time.
Secured Loans
A loan is secured by pledging collateral. Collateral is typically given in the form of an unencumbered, or free and clear Montana Title, whether it be for a vehicle, boat or motorcycle. When the loan proceeds are used to purchase a vehicle this is often times the Montana Title used to secure the loan. Other times, the Montana Title may be attached to a vehicle you currently own free and clear.