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Yes.
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∙ 14y ago
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Which of the following is an example of secured debt?
credit card
What is the difference between secured and unsecured loan?
A secured loan would be a car loan for example. The car is used as collateral for the loan. A signature loan would be an unsecured loan. The only thing the lender would do is look at your credit worthiness and make you a loan based on you simply saying you'll pay them back.
What makes a loan a secured loan?
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.
What does it mean when a debt or a loan is personally secured?
When a debt or loan is personally secured, it means that the person who took out the loan has used something as security in case they default on the loan. A mortgage is an example of a secured loan.
What is the example of secured loan?
A mortgage is a secured loan. Any loan that has a charge on assets is a secured loan - effectively, if you don't repay it gives the lender the right to take the goods against which the loan was granted.
Which of the following is an example of secured debt?
credit card
What is the difference between secured and unsecured loan?
A secured loan would be a car loan for example. The car is used as collateral for the loan. A signature loan would be an unsecured loan. The only thing the lender would do is look at your credit worthiness and make you a loan based on you simply saying you'll pay them back.
What makes a loan a secured loan?
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.
What is definition of secured loan?
A secured loan is when the person making the loan, possibly you, uses collateral, such as a car, a watch, your property, i.e, to make the loan. Example, you go into a bank and ask for $3,000 loan. They say, hmm, you might want to make a secure loan, seeing as you don't have great credit. You can put your car up, so that if you don't pay the loan on time, we get your car. It's simple.
What does it mean when a debt or a loan is personally secured?
When a debt or loan is personally secured, it means that the person who took out the loan has used something as security in case they default on the loan. A mortgage is an example of a secured loan.
What is the example of secured loan?
A mortgage is a secured loan. Any loan that has a charge on assets is a secured loan - effectively, if you don't repay it gives the lender the right to take the goods against which the loan was granted.
What is the definition of Secured Loans?
A secured loan is when the person making the loan, possibly you, uses collateral, such as a car, a watch, your property, i.e, to make the loan. Example, you go into a bank and ask for $3,000 loan. They say, hmm, you might want to make a secure loan, seeing as you don't have great credit. You can put your car up, so that if you don't pay the loan on time, we get your car. It's simple.
Will the bank go after your house if you don't pay for your car loan?
no, your car loan is secured by your car, your mortgage by your home
What types of assets can be used to get a secured loan?
The assets someone need to own to use as securities for a secured loan would be anything equal to value of the loan such as a car.
Is a car secured property in bankruptcy?
If there is a loan which used the car as collateral, yes.
How can you secure your loans with bad credit?
The way to turn an unsecured loan into a secured loan is to offer some form of collateral. For example you can offer you car, your house, or any other possession to secure the loan.
Are auto loans secured loans?
Yes, they are. An auto loan is secured loan based on the collateral of your vehicle. If you don't pay the loan they will unfortunately come take your car away.
