Asked 1/12/2010
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What are secured loans? I'm just educating myself on what secured loans are. |
Answer 1/1 - Submitted 1/12/2010
A secured loan means there is some collateral to back the loan for the bank. For example, a car loan and a house loan are secured loans. The loan is secured by the house or the car. If you don't pay, then the bank can repo the car or home and try to get their money back.
An unsecured loan is a loan made just based on your credit. A signature loan where the bank just gives you cash based on your good standing with them is an unsecured loan because there is nothing the bank has to back the load. A credit card balance is really an unsecured loan.
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