The definition of the best loans is different depending on who you ask. For lenders the best loans are secured loans, of any type, and high interest loans. For borrowers the best loans are unsecured loans with low interest rates.
So, how can a median be found that makes a loan the best loan for both lenders and borrowers? The answer is in the details of the loan and how affordable and how comfortable the loan details are for the borrower.
Lenders prefer secured loans because they offer a safeguard. The borrower puts up collateral for the loan and should they default on the loan the lender then seizes ownership of the collateral and can sell it to recoup the loan amount still owed. With secured loans the borrower also assumes risk, so it is more likely that the borrower will not default.
They also want to be able to charge as high of interest rates as possible. Interest rates are how lenders make their money. The interest the charge is 100% profit for them. So, of course they want to charge as much interest as possible.
Borrowers prefer unsecured loans because they do not have to assume risk by putting up collateral. They also prefer lower interest...
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