secured loan

American  

[si-kyoord lohn] / sɪˈkyʊərd ˈloʊn /

noun

Finance.

1. a loan that is backed up by collateral pledged by the borrower, which the lender can sell to cover repayment of the loan if for any reason the borrower is unable to do so.

   A mortgage is the most common type of secured loan, in which the home or property backs up the loan.

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Etymology

Origin of secured loan

First recorded in 1895–1900

Example Sentences

The Indian bank sees further improvement in its unsecured loan segment and 2H FY 2025 is seasonally better for its secured loan segment.

From The Wall Street Journal

Of the government relief funding provided to Alaska, it has repaid a secured loan of $135 million.

From Seattle Times

They also beat competition for centre-back Nathalie Bjorn from Everton and secured loan moves for several youngsters.

From BBC

With a secured loan you need capital, such as a car or house but they can be a great way to pay off your debt while working on your credit.

From Slate

Lending decisions are based on creditworthiness, income and existing debt, but annual percentage rates may be higher and repayment terms shorter, compared with a secured loan.

From Seattle Times