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A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral, and if the borrower defaults , the creditor takes possession of the asset used as collateral and may ...
A secured loan requires you to pledge collateral — something of value like a savings account or car. If you default, a lender can seize the collateral to satisfy the debt.
Personal loans, credit cards, student loans and medical loans are some forms of unsecured debt. Secured and unsecured debts have many similarities, but one major difference is whether collateral ...
A secured loan is a type of loan backed by collateral that your lender can seize if you don’t make payments. A mortgage is one of the most common types of secured loans. Your home is the collateral.
This definition includes things such as home loans, car loans, inventory loans, farm crop loans, and many more. [9] Depending on the type of collateral special rules may apply to the secured transaction. Article 9 of the U.C.C. defines many types of collateral, which are not always the same as the common meaning. [12]
Nonrecourse debt or a nonrecourse loan (sometimes hyphenated as non-recourse) is a secured loan (debt) that is secured by a pledge of collateral, typically real property, but for which the borrower is not personally liable.