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A secured loan is a loan “backed” by collateral — such as a vehicle or house — that the lender can take if you don’t pay the loan. Secured loans can be easier to qualify for and generally have lower interest rates. Here, we’ll discuss what a secured loan is, when it’s a good idea to take one out, and the risks associated with this type of loan.
Definition of a secured loan
A secured loan https://paydayloansohio.net/cities/reading/ is a loan that you get by putting up collateral, like a car or a home. If you miss payments, the lender can sell your collateral to pay back the loan.…