Dmitriy Fomichenko, President, Sense Financial
@dfomichenko
A secured loan is one that is protected by collateral of some sort, including a home or a car. If the borrower fails to repay the loan, he/she could lose the underlying asset.
Secured loans come with a bunch of benefits, starting with lower rates, higher borrowing limits, and even longer repayment period. One of the most common example is a home equity line of credit.
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