Below please find a definition of “Secured Loan”
Secured Loan: In the event, when a borrower promises to use an asset (for example, a car or any property) as collateral for a loan, that particular type of loan is termed as a secured loan. This loan in turn becomes a secured debt that is owed to the creditor who provides the loan. Because the debt is secured against the collateral, if the borrower defaults by any chance, the creditor has the right to take ownership of the assets of the borrower.
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