1. The Features and Working of
SECURED LOANS
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2. SECURED LOANS ARE A FORM OF MONETARY HELP
THAT RELY ON SOME KIND OF ASSET, SUCH AS A
VEHICLE, HOME, EXPENSIVE JEWELRY, AND STUFF
LIKE THAT
• Collaterals can be taken possession of, in case the
borrower fails to pay back the loan amount in the time
period scheduled when taking the loan.
• Interest rates for loans are lower, as compared to
unsecured loans.
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3. •In case the lender fails to acquire the money lent, even as
the assets were sold off, a deficiency judgment is acquired
against the person who has borrowed the loan amount,
and is still to pay back the complete amount of money.
•If, in case the aim of borrowing the loan was to purchase
any type of automobile, then the loan is secured by the
price of the vehicle.
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