GoldenNewsNG
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
No Result
View All Result
Golden News
No Result
View All Result

Secured vs. Unsecured Loans in Nigeria: Which Loan is Right for You?

Enudi Golden by Enudi Golden
January 11, 2024
in Featured, General Information, LOAN & INVESTMENT
Reading Time: 3 mins read
10 Best New Loan Apps in Nigeria with Low Interest Rate 2023
30
SHARES
Advertisements

Welcome to GoldenNewsNg, Today we will be talking about Secured vs. Unsecured Loans in Nigeria, and Which Loan is Right for You?

Introduction: Taking out a loan is a common practice in Nigeria to finance various expenses, such as education, car purchase, home renovation, or starting a business. However, before applying for a loan, it is essential to understand the different types of loans and choose the one that suits your financial situation and goals. In this article, we will explore the differences between secured and unsecured loans in Nigeria and help you decide which type of loan is right for you.

READ ALSO

Top 10 Microfinance Banks for Business Loans in Nigeria (2025) – Fast Approval & Low Interest

NELFUND Disburses ₦32.1m to 750 Students at Federal College of Education, Gombe

Secured Loans in Nigeria: Secured loans are loans that require collateral to secure the loan amount. The collateral can be any valuable asset, such as a car, property, savings account, or gold. Secured loans are considered less risky for lenders as they can seize and sell the collateral in case of default, and recover the loan amount. Some common examples of secured loans in Nigeria are:

  1. Car Loans: Car loans are secured loans that are used to purchase a car. The car itself serves as collateral for the loan.
  2. Home Equity Loans: Home equity loans are secured loans that are used to finance home renovations or other big expenses. The equity in your home serves as collateral for the loan.
  3. Secured Personal Loans: Secured personal loans are loans that are secured by collateral, such as a savings account, property, or car. These loans usually have lower interest rates than unsecured loans.

Unsecured Loans in Nigeria: Unsecured loans are loans that do not require collateral to secure the loan amount. Unsecured loans are considered more risky for lenders as they have no collateral to fall back on in case of default. As a result, these loans usually come with higher interest rates and stricter eligibility criteria. Some common examples of unsecured loans in Nigeria are:

  1. Personal Loans: Personal loans are unsecured loans that can be used for any purpose, such as debt consolidation, medical expenses, or travel. These loans usually have higher interest rates than secured loans.
  2. Credit Cards: Credit cards are unsecured loans that allow you to borrow money up to a certain limit. These loans usually have high-interest rates and fees.
  3. Payday Loans: Payday loans are unsecured loans that are used to cover short-term financial emergencies. These loans usually have very high-interest rates and are not recommended for long-term borrowing.

Which Loan Type is Right for You? The type of loan that is right for you depends on your financial situation, borrowing needs, and preferences. If you have collateral to secure the loan amount and want to benefit from lower interest rates, then a secured loan may be a good choice. However, if you do not have collateral and need the money quickly, then an unsecured loan may be the better option. It is important to carefully read and compare the loan terms, interest rates, fees, and repayment period of each loan type before making a decision.

Conclusion: In conclusion, secured and unsecured loans are two main types of loans available in Nigeria. Secured loans require collateral to secure the loan amount, while unsecured loans do not. The right loan type for you depends on your financial situation, goals, and preferences. It is important to carefully compare the loan terms and choose a loan that fits your budget and allows you to repay the loan amount comfortably.

📢 JOIN OUR WHATSAPP GROUP 📢 JOIN OUR TELEGRAM CHANNEL
Previous Post

How to Get Quick Loans in Nigeria: Top Lenders and Requirements

Next Post

Online Loans in Nigeria: Pros and Cons of Borrowing Money Online

Related Posts

Top 10 Microfinance Banks for Business Loans in Nigeria (2025) – Fast Approval & Low Interest

Microfinance banks for business loans

Top 10 Microfinance Banks for Business Loans in Nigeria (2025) – Fast Approval & Low Interest Looking for the best...

Read moreDetails

NELFUND Disburses ₦32.1m to 750 Students at Federal College of Education, Gombe

NELFUND Disburses ₦32.1m to 750 Students at Federal College of Education, Gombe

The Nigeria Education Loan Fund (NELFUND) has released the sum of ₦32,142,000 to support 750 students of the Federal College...

Read moreDetails

No More Upkeep During Holidays – NELFUND Tells Students

NELFUND Clarifies Upkeep Loan Disbursement and Application Process

The Nigerian Education Loan Fund (NELFUND) has announced that upkeep loan disbursements will now be tied strictly to the academic...

Read moreDetails

How to Report MisReport Misbehavior of Soldiers behavior of Soldiers to the Nigerian Army

How to Report Misbehavior of Soldiers to the Nigerian Army

The Nigerian Army is one of the strongest and most respected military forces in Africa. Its soldiers and officers have...

Read moreDetails

How to Report Police Misconduct in Nigeria

Report Police Misconduct

How to Report Police Misconduct in Nigeria Police brutality and misconduct remain pressing concerns in Nigeria, despite repeated promises of...

Read moreDetails

10 Richest Actors in Nigeria & Their Net Worth

10 Richest Actors in Nigeria & Their Net Worth

When people talk about rich people in Nigeria, they often mention musicians, business owners, and footballers. But did you know...

Read moreDetails

NELFUND Disburses ₦213.2m to 1,519 Students at Delta State University

NELFUND Disburses ₦213.2m to 1,519 Students at Delta State University

The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦213,218,275.00 to 1,519 beneficiaries at Delta State University (DELSU),...

Read moreDetails

NELFUND Disburses ₦161.9m to 2,400 Students at Borno State University

NELFUND Disburses ₦161.9m to 2,400 Students at Borno State University

NELFUND Disburses ₦161.9m to 2,400 Students at Borno State University The Nigerian Education Loan Fund (NELFUND) has disbursed a total...

Read moreDetails

NELFUND Disburses ₦6.97m to 10 Students at Aviation and Aerospace University

NELFUND Disburses ₦6.97m to 10 Students at Aviation and Aerospace University

The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦6,972,000 to 10 students of the African Aviation and...

Read moreDetails

NELFUND Disburses ₦683.7m to Emmanuel Alayande University Students

NELFUND Disburses ₦683.7m to Emmanuel Alayande University Students

NELFUND Disburses ₦683.7m to Emmanuel Alayande University Students The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦683,751,500...

Read moreDetails
Load More
Next Post
Microcop Loans Kenya Review

Online Loans in Nigeria: Pros and Cons of Borrowing Money Online

SEARCH ADS

Latest Posts

Microfinance banks for business loans
business

Top 10 Microfinance Banks for Business Loans in Nigeria (2025) – Fast Approval & Low Interest

Dollar to Naira Black Market & Official Rate Today
business

Dollar to Naira Black Market & Official Rate Today Sept 8, 2025

First Lady launches N1bn 18,500 women empowerment grant in Sokoto
Headline

First Lady Launches ₦1bn Women Empowerment Grant in Sokoto

Students Protest UNILAG Post-UTME Malpractice, Blame Faulty AI Screening
Education

Students Protest UNILAG Post-UTME Malpractice, Blame Faulty AI Screening

Dollar to Naira Black Market & Official Rate Today
business

Dollar to Naira Black Market & Official Rate Today Sept 7, 2025

NELFUND Disburses ₦32.1m to 750 Students at Federal College of Education, Gombe
Education

NELFUND Disburses ₦32.1m to 750 Students at Federal College of Education, Gombe

Zulum Approves ₦300,000 Support Package, Free Meals, and Scholarships for Borno Students
Education

Zulum Approves ₦300,000 Support Package, Free Meals, and Scholarships for Borno Students

Residents of a Lagos estate were left in shock on Thursday night after a young woman, Deborah Porsche, popularly known as Debporsche, was allegedly murdered by her ex-boyfriend, identified simply as Lintex, nearly a year after their breakup. According to reports, Lintex had repeatedly threatened Deborah since their split in August 2024, allegedly vowing: “If I don’t have you, nobody will. If I no marry you, blood go flow.” Deborah’s sister described her as a hardworking interior decorator who had just completed her National Youth Service Corps (NYSC). She further alleged that the deceased endured emotional abuse throughout her relationship with Lintex, which ultimately pushed her to walk away. On the night of the attack, the suspect disguised himself as a dispatch rider in an attempt to infiltrate the estate. Security guards reportedly stopped him at the gate, but he scaled the fence and gained entry to Deborah’s apartment. Eyewitnesses said Lintex first tampered with the gas cylinder line outside the apartment, allegedly trying to cause an explosion. When that failed, he forced his way inside and stabbed Deborah multiple times with a knife he brought along. Alarmed neighbours rushed to the scene and alerted the police. The suspect was subdued and handed over to law enforcement officers. Police authorities have confirmed the incident, stating that investigations are ongoing. Deborah’s tragic death has sparked outrage online and renewed calls for stronger legal protections for women against abusive and obsessive partners.
Headline

Man Arrested After Disguising as Dispatch Rider to Murder Ex-Girlfriend in Lagos

Reps Seek Compulsory 5 Year service to Nigeria by Doctors before going abroad
Headline

Akwa Ibom Doctors Face Sanctions Over Death of Pregnant Woman and Baby

NELFUND Clarifies Upkeep Loan Disbursement and Application Process
Education

No More Upkeep During Holidays – NELFUND Tells Students

© 2024 Golden News

  • About Us
  • Advertise with Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms And Conditions
No Result
View All Result
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us

© 2024 Golden News