![](/globalassets/pn-bank/media/background__svenn--colour--b.webp?width=720&height=341&format=webp&mode=crop&rxy=0.36,0.56&quality=80)
A secured personal loan is where your loan is secured by a motor vehicle that is less that 7 years old. So, you might use the car you’re buying as security for your car loan, or you might use a car that you already own, to secure a personal loan for a well deserved holiday. Secured personal loans are often offered at a lower interest rate.
On the other hand an unsecured personal loan doesn’t require any security.