However, there are circumstances when secured loans can make a lot of sense for helping out with finances for home owners. With unsecured loans, there is no requirement of a collateral from the borrower's side. These loans do not involve any obligation of collateral in their processing. Seth understands that taking out a mortgage loan is the largest expense of your lifestyle so why add more onto it. But it can be frustrating if you have a financing and are not qualified for the most excellent costs or secured loans.