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Rants and Raves of a Bum



Are you comparing secured vs unsecured loans? If you're in need of financial help they can both offer you funds but which is best? Let's take a closer look.



Did you know that in the last year, more than 34% of Americans have taken out personal loans?
When you decide that it's time for you to borrow money, you may have to decide between secured vs unsecured loans. What exactly is the contrast between these loans?
We've created a quick guide to help you better understand. Keep reading to learn more!

What's a Secured Loan?

A secured loan is a type of loan that's backed with collateral. To know more about a secured loan you need to know what is Collateral and why is it so important. In simple words, a collateral is something that you own that's valuable. Some of the most often used pieces of property that are used for collateral are cars, jewelry, and boats.
When you apply for a secured loan, the company or person providing you with the loan will hold onto the collateral's deed (or the title). If you are unable to pay the loan back, the entity that lent you the money will take possession of whatever you place up for collateral.
Once possession is taken of the collateral, there's a chance that the lender will sell the collateral and use it to pay off any of your outstanding debts.

What's an Unsecured Loan?

An unsecured loan is a money that you're able to borrow without using anything as collateral for the loan.
Typically, with unsecured loans, there will be a smaller amount of money that you're able to borrow. You may also have to have a high credit score to qualify for the loan. Don't be surprised with the interest rate of your unsecured loan is high.
Some of the most common types of unsecured loans you can expect to see are personal lines of credit, as well as credit cards.

How to Decide Which Loan Is Right for You

A secured loan is likely a lot easier for you to earn, as there isn't as much of a risk for the lender to allow you to borrow from them. If you have a limited credit history or you have a low credit score, a lender will be much more likely to provide you with a secured loan.
Plus, secured loans are great if you're looking to pay less interest on your rates. In the majority of borrowers, people are able to borrow more money with a secured loan.
However, there are unsecured loans on the market that offer lower interest rates than what you may find with a credit card. Plus, if you're looking to finance a specific purchase, an unsecured loan can help to prevent you from overspending.

Understanding the Difference Between Secured vs Unsecured Loans

Both secured vs unsecured loans offer their own unique advantages and disadvantages. The type of loan that's best for you will depend on your unique financial situation.
Just be sure that before you sign any papers, you have a solid understanding of the repayment period, the interest rate, and the amount that you'll be required to pay each month on loan.


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Whether you’re planning a special birthday gift for your child or whether you’re thinking ahead to the upcoming Yuletide celebrations, you’ve probably been through the same immediate thought process as everyone else, which goes a little something like this… “oh I’ll just, I’ll look what there is, closer to the time, and err, hold on, hang on just a minute, what do kids actually want these days?”. 

The answer is access to a gaming console on which they can play 25 hours of Fortnite per day. 

They also want a screen bigger than your first school (and a backup tablet with a noise cancelling headset so that they can continue to play Fortnite whenever you force them to leave their rooms for essentials like eating food). 

Basically, they want to play that one video game. Over and over. Every single day. And they want to spend something called V-Bucks, which to them is a fictitious online currency, but to you is your real money that you had to go to work to earn so that they can convert it to V-Bucks and buy who knows what on a game that doesn’t matter to anybody over the age of 13. It’s a slim list of wants. 

What about a hoverboard, you ask yourself. And you may research things like ‘what are the hoverboard laws in Jacksonville, Florida?’ And you may put yourself off the idea. So, we decided to take a look back on what’s been popular in the past, because before Fortnite, kids wanted things. Let’s take a look.

Laser tag (1986)

Heralding from a time before computer users could overlap several applications/windows at a time on Bill Gates’ popular tech platform (a feature that was introduced in ‘87 … despite the company already being called ‘Windows’, which has always struck me as odd - surely up until this point, the company should have been called ‘Full Screens’, but anyway...) laser tag was a way to get kids moving. 

There are new versions now, but the concept is the same. You wear a small gadget on your body and your enemy does the same, then you try to shoot each other’s gadgets with lasers. Hours of fun!

Tamagotchi (1997)

Although it would be expected to say that cyber pets have come a long way in the more than two decades since they were a big thing, they really haven’t. 

The charm of the grey screen and the pixelated pets just couldn’t evolve without losing the original appeal. Therefore, your kids can experience exactly what you remember (at a shockingly low price tag these days!). 

Lastly… we turn to 2005 and the humble BMX

BMX bikes were the must-have thing in 2005. Kids love them. Check out your nearest skate park and get involved in some outdoors fun. 




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