Which One Will You Use Statement or PreparedStatement? Or Which One to Use When (Statement/PreparedStatement)? Compare PreparedStatement vs Statement

By Java API definitions: Statement is a object used for executing a static SQL statement and returning the results it produces. PreparedStatement is a SQL statement which is precompiled and stored in a PreparedStatement object. This object can then be used to efficiently execute this statement multiple times. There are few advantages of using PreparedStatements over Statements

Since its pre-compiled, Executing the same query multiple times in loop, binding different parameter values each time is faster. (What does pre-compiled statement means? The prepared statement(pre-compiled) concept is not specific to Java, it is a database concept. Statement precompiling means: when you execute a SQL query, database server will prepare a execution plan before executing the actual query, this execution plan will be cached at database server for further execution.)
In PreparedStatement the setDate()/setString() methods can be used to escape dates and strings properly, in a database-independent way.
SQL injection attacks on a system are virtually impossible when using PreparedStatements.