Secure loan definition

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If the borrower defaults on secured loan on time, it they require collateral.

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A secured loan is a loan in which the borrower pledges some asset as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. A secured loan is a form of secured lending that enables lenders to extend more favorable interest rates and terms than unsecured loans due to the reduced risk. (17) Secured loan.� The term �secured loan� means a direct loan or other debt obligation issued by an obligor and funded by the Secretary in connection with.

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A lender can repossess the collateral if you can't repay a secured loan, so it poses less of a risk to the lender but more risk to you as a borrower. The creditor may offer a loan with attractive interest rates and repayment periods for the secured debt. Some secured loans, like mortgages, can take up to six weeks to fund. Hidden categories: Articles with short description Short description matches Wikidata Use dmy dates from May Use American English from March All Wikipedia articles written in American English All articles with unsourced statements Articles with unsourced statements from September All accuracy disputes Articles with disputed statements from November Articles with unsourced statements from November All articles lacking reliable references Articles lacking reliable references from March If you default on a secured loan, the lender can begin the process of repossessing the asset attached to the loan.