what is a secured loan?
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I own a car that needs a new engine. I don’t want to enter into a large car loan. So I think it would be more financially prudent to just replace my engine.
what is a secured loan?
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Comment by goldstarsm
a secured loan is one that is secured against something you own,eg your house.so if you don’t pay the loan amount, the finance company can take the money out of the security. you generally get a better rate than on an unsecured loan but to be fair, it won’t make that much difference on relatively small amounts.
Comment by Dreby
A secured loan is a loan that is ’secured’ with collateral if you are not able to pay it back. For example, if you use your car as collateral for a secured loan, the bank or person who gave you the loan can take you car if you do not pay the loan back in full.
Comment by jose_valle76
A secure loan is when the loan has a guarantee that if you don’t pay,a co-signer or etc.