answersLogoWhite

0

A secured loan is made secure by collateral. This means that you need to offer something of value such as a house or car to qualify for the money loaned to you. If you fail to repay the loan as agreed, the collateral will be taken by the loan provider as payment instead.

User Avatar

Wiki User

14y ago

What else can I help you with?

Related Questions

Secure a Business Loan?

form_title=Secure a Business Loan form_header=Expand or upgrade your business by securing financing for a loan. What is the purpose of the loan?=_ What is the name of your current financial institution?=_ Do you have any current loans?= () Yes () No


Which of the following loan types is considered an example of an unsecured loan?

A personal loan is an example of an unsecured loan, as it does not require collateral to secure the loan.


How can I use my savings account to secure a loan?

You can use your savings account as collateral to secure a loan by putting up a portion of your savings as security for the loan. This can help you qualify for a loan with better terms and lower interest rates.


How can I utilize land equity to secure a construction loan for my project?

You can utilize land equity to secure a construction loan by using the value of your land as collateral for the loan. Lenders will assess the value of your land and may offer a loan based on a percentage of that value. This can help you secure financing for your construction project.


What is property used to secure a loan?

Collateral


Are you looking for a guarantor for hire to secure a loan or rental agreement?

Yes, are you seeking someone to act as a guarantor to help you secure a loan or rental agreement?


Is a car loan secured or unsecured?

A car loan is typically a secured loan, meaning the car itself serves as collateral to secure the loan.


What is an example of an unsecured loan?

An example of an unsecured loan is a personal loan, where the borrower does not need to provide collateral such as a house or car to secure the loan.


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.


Can you provide an example of an unsecured loan?

An example of an unsecured loan is a personal loan, where the borrower does not need to provide collateral such as a house or car to secure the loan.


What is the advantage to signing for a consolidation secure loan?

Signing for a consolidation secure loan can be advantageous because you they can often lower an interest rate. However, it depends highly on personal circumstances.


What is a cosigner service for a personal loan and how can it help me secure a loan?

A cosigner service for a personal loan is when someone with a good credit history agrees to be responsible for the loan if the borrower is unable to make payments. This can help you secure a loan by providing the lender with additional assurance that the loan will be repaid, especially if you have a limited credit history or poor credit score.