Secured: Here guarantee is, repayment will be paid by putting a lien on an asset you own. The lien entitles the creditor to take the asset if you don’t repay to the terms of your credit agreement.
Unsecured: By simply give your word to the creditor that you will repay. Credit card, Non salary transfer loans are most likely unsecured credit.
Installment: With installment credit, you borrow a certain amount of money for a set period of time and you repay the money by making a series of fixed or installment payments.