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secured loan

[ si-kyoord-lohn ]
/ sɪˈkyʊərd ˈloʊn /
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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.

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Compare unsecured loan.

Origin of secured loan

First recorded in 1895–1900
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2021

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