Secured Loan
/ˈsɪkjʊərd loʊn/
Definitions
- (n.) A loan backed by collateral to reduce the lender's risk of loss.
The borrower obtained a secured loan by pledging her car as collateral.
Forms
- secured loans
Related terms
See also
Commentary
Secured loans are distinguished by the presence of collateral; precise drafting should identify the collateral and the terms of enforcement clearly.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.