Secured loans v Unsecured loans

If a homeowner which type of loan would be more appropriate,
secured or unsecured loans?

Lets examine the pros and cons of unsecured versus secured loans-

Secured loans advantages:-

Cheaper interest rate
More flexible payments over longer term
Simpler underwriting criteria - many plans/lenders will accept bad credit

Secured loan disadvantages:-
Can take 3-4 weeks to complete
Sometimes complex paperwork
Should you default on your payments could lose your home

Unsecured loans advantages:-

Faster complete 2-3 days
less paperwork

Unsecured loans disadvantages:-

normally dearer interest rates
underwriting criteria much stricter in terms of adverse credit
If you default on loan payments as a homeowner can still lose your home!

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YOUR HOME IS AR RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT. ALL LOANS ARE SUBJECT TO STATUS. SECURED LOANS ARE SECURED ON PROPERTY