While your credit score and spending habits won't make as much of an impact in a secured loan application, you will have to go through some kind of appraisal process for the asset you're pledging as collateral. Acceptable assets range from cars and houses to investment portfolios and jewellery. You'll need to prove to your lender that your asset is valuable enough to guarantee repayment, and you'll require the help of an appraiser for this.
The appraiser will do a thorough inspection of your property and compare it to other existing models or similar properties of similar value. Not only does this take a bit of time, it'll cost you a little extra too. But if your loan is unsecured, you avoid this process and its cost.
