answersLogoWhite

0

  • Personal Finance
  • Loans
  • Small Business Loans
  • Money Management
  • SBA-Secured Loans

What is a fully secured loan?

User Avatar

Wiki User

βˆ™ 2011-07-27 04:53:20

Best Answer
Copy

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.

2011-07-27 04:53:20
This answer is:
πŸ€“
🀯
πŸ€”
User Avatar

Add your answer:

Earn +5 pts
Q: What is a fully secured loan?
Write your answer...
Submit

Related Questions

What is a secured loan?

what is a secured loan


What is a partial secured loan?

Where only part of the loan is secured.


Is a mortgage considered a bond type security?

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.


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.


What is collateral loan market?

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


If your house is repossessed due to a secured loan and there is not enough equity to pay the loan what then happens to the secured loan?

You will be liable to pay the debt outstanding.


Is a car loan an example of a secured loan?

Yes.


What is different about a secured loan application?

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.


What is a loan on which the goods purchased with the loan serve as a type of secured loan.?

collateral


What is a creditworthy cosigner for a private student loan?

a secured loan


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 credit card a secured loan?

No. A Credit Card is a simple form of a revolving loan with a limit but is typically not secured by any asset.


From where could one obtain an online secured loan?

One can obtain an online secured loan from various websites like Moneysupermarket and WellsFargo. One could also visit a local bank and ask for an online secured loan in there.


What does Secured Home Loan mean?

A secured home loan is a home loan where there is a security or collateral used to secure the mortgage. Often times the home itself can be used as collateral to lower the interest rate and monthly payment. By using the equity in the house as collateral for the secured loan.


How does one go about finding a secured loan?

Before searching for a secured loan, you need to determine what your collateral will be. The first places to check for secured loans are local banks and credit unions.


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.


How does a secured loan differ from an unsecured loan?

A secured loan is a loan that some monetary interest (money or property of value) attached to the loan to insure its repayment. If the loan is not repaid, the monetary interest becomes the property of the loaning party. A unsecured loan does not have a monetary interest attachment.


What are the 7 non current liabilities?

Equity shares, debenture, secured loan, non secured loan, borrowings, reserves , retained earnings


Does a credit union give you an auto loan with a 570 credit score or less?

Not unless you have very strong co-borrowers and/or the application is fully cash-secured.


Where can you find a secured loan in Montreal?

One great source of a secured loan in Montreal is the Bank of Montreal. They have different types of loand avaialble to fit nearly any situation, whether it be an auto loan, boat loan, or home loan.


What is the longest time frame allowed for a secured loan?

This question is rather ambigious since a secured loan is based on collateral, credit scores, the amount you can pay monthly, and other factors. The form of the secured loan could be another factor, i.e. car, mortgage, or even a holiday loan.


Are secured loans better to get than unsecured ones?

With a secured loan, you are able to borrow more money than with an unsecured loan. It would depend on how much you needed to be loaned. Most institutions offer both, however, I would go with a secured loan.


What is the difference between secured and non secured loans?

Secured loans are backed by an asset, to be collateral in case the borrower defaults on the loan. An unsecured loan does not have this and usually costs more and has a higher risk to the bank.