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secured loan

American

[si-kyoord lohn] / sɪˈkjʊərd ˈloʊn /

noun

Finance.

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.

First recorded in 1895–1900

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023