what is a secured loan?
I own a car that needs a new engine. I don’t want to enter into a large car loan. So I think it would be more financially prudent to just replace my engine.
a secured loan is one that is secured against something you own,eg your house.so if you don’t pay the loan amount, the finance company can take the money out of the security. you generally get a better rate than on an unsecured loan but to be fair, it won’t make that much difference on relatively small amounts.
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