10/28/2026
💼📊 Finance Term to Know: Secured loans.
Secured loans are backed by collateral, such as a vehicle or property you own. If you cannot repay the loan, the lender may repossess or seize the collateral.
The lender may also pursue debt collection, report negative information to credit bureaus, or file a lawsuit to recover the amount owed. Understanding the risks and repayment terms before borrowing can help you make informed financial decisions.