![]() Because a secured loan is lower risk for lenders, it’s generally easier to get approved for this type of loan.If you cannot repay your loan, the lender can take ownership of the collateral (repossess your car or home) to recoup their losses.For example, car loans and home mortgages are secured loans. A loan is considered “secured” if it is backed by some form of collateral.It’s helpful to distinguish what “secured” means and how it can impact you financially before jumping into the key features of this loan. Savings secured loans aren’t common, but they’re one of the most affordable financing options available. But, have you ever heard of a savings secured loan? You’re not alone if you answered no. You’re probably familiar with the popular ones like car loans, home mortgages, and credit cards. When it comes to borrowing money, there are a variety of loan options.
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