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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.
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]
Business loans may be either secured or unsecured. With a secured loan, the borrower pledges an asset (such as plant, equipment, stock or vehicles) against the debt. If the debt is not repaid, the lender may claim the secured asset. Unsecured loans do not have collateral, though the lender will have a general claim on the borrower’s assets if ...
A share-secured loan is a personal loan that uses the balance in your savings account as collateral. This type of loan generally has lower interest rates than other personal loans because it is ...
Secured loans are a good fit if: You’re a startup business owner and don’t have the assets to secure the loan. You have bad credit and can’t qualify for an unsecured business loan.
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