What is a secured bank loan?
When applying for any type of loan, it is important to understand as much as possible about all the potential jargon, terms and conditions that may apply to your repayment of the loan, as this could save you from making a potentially bad decision or even falling into debt.
One of the most vital points to grasp is the difference between a secured bank loan and an unsecured loan. Knowing the difference between the two can actually affect whether you get approved. Essentially, secured loans require the borrower to offer some type of asset, often a property, vehicle, equity or mortgage, as collateral against payment defaulting.