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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 ...
Passbook loans are secured loans that use your savings account balance as collateral. ... Also referred to as a share-secured or savings-secured loan, passbook loans allow you to borrow against ...
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.
In a direct auto loan, a bank lends the money directly to a consumer. In an indirect auto loan, a car dealership (or a connected company) acts as an intermediary between the bank or financial institution and the consumer. Other forms of secured loans include loans against securities – such as shares, mutual funds, bonds, etc.
Secured transactions in the United States are an important part of the law and economy of the country. By enabling lenders to take a security interest in collateral (that is, the assets of debtors ), the law of secured transactions provides lenders with assurance of legal relief in case of default by the borrower.