it means if you put your house up for collateral for the loan, if you don't pay, they can take your house and foreclose.
or if you use your vehicle as collateral and you don't pay, they will come and take your car.
You have to put up some kind of thing worth money in order to receive money, this assures the loaner they will get their money!!!!!!!
Answer:
A secured loan is a loan where 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.
Secured loans are also useful for larger amounts or where the applicant requires a longer repayment period.
what is a secured loan
Where only part of the loan is secured.
No. A mortgage is a loan secured by real estate.No. A mortgage is a loan secured by real estate.No. A mortgage is a loan secured by real estate.No. A mortgage is a loan secured by real estate.
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.
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 a secured loan
Where only part of the loan is secured.
No. A mortgage is a loan secured by real estate.No. A mortgage is a loan secured by real estate.No. A mortgage is a loan secured by real estate.No. A mortgage is a loan secured by real estate.
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.
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.
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.
You can get a secured loan with poor credit online from the Secured Personal Loan Gofo website. However, to get a secured personal loan from companies like this, you may need property or other collateral.
loan is a loan on a promissory note secured byMarket where short term loans secured by a asset that pledged as security for repayment of a loan
You will be liable to pay the debt outstanding.
Yes.
A secured loan application is different because the person who takes out the secured loan pledges an asset. An asset must be something of value such as a home or car. They then use that as the collateral, so that way if one does not pay the secured loan the creditor takes possession of the asset.
collateral