Secured loan is a loan against a security or an asset like your home, car, etc. ('Secured' actually applies to the loan lenders, that they are secured !!!).
The secured loans are usually low risk loans (for the lender, ofcourse!) since the lenders have no fear of losing money. But the borrower may find it a bit risky , since if he fails to repay the loan on time , the lender can take away the valuable assets.Most of the times the value of the assets are more than the total amount of the loan, thus leaving the lender richer and the borrower homeless.
Some of the examples of secured loans are listed below.
1.Home equity loans
2.Mortgage Loans
3.Debt consolidation loans
4.Second Mortgage Loans
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