Secured Loan

What is a secured loan?

Secured Loan Definition: Secured loans require a form of collateral as a condition for borrowing funds from a lender. This requirement applies to both individuals and businesses. Collateral is typically a large asset, such as property, a house, or a car, and may be an option for people with low or poor credit ratings.

Secured loans for people or businesses with good credit may provide much lower interest rates, which is an attractive feature for borrowers. On the other hand, borrowers with bad credit that require collateral may be required to pay higher interest rates for a loan. Most banks and financial institutions offer secured and unsecured loans.

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