Question: What is the difference between a secured loan and an unsecured loan? Group of answer choices Secured loans are backed by collateral while unsecured loans

What is the difference between a secured loan and an unsecured loan?
Group of answer choices
Secured loans are backed by collateral while unsecured loans are backed only by the borrowers good reputation and previous credit rating.
Secured loans are only available to businesses while unsecured loans are only available to the general public.
Secured loans are backed by trade credit while unsecured loans are backed by commercial paper.
Secured loans are risky for financial institutions while unsecured loans are relatively risk-free.
Secured loans are loans that have been paid off while unsecured loans have yet to be paid off.

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