secure against (someone or something)
To put in place protections against some kind of risk, threat, or danger. The doors have been fitted with deadbolts and security cameras to secure against intruders.
Keeping this in consideration, what collateral means?
The term collateral refers to an asset that a lender accepts as security for a loan. … That is, if the borrower defaults on their loan payments, the lender can seize the collateral and sell it to recoup some or all of its losses.
Simply so, what is difference between secured and unsecured loan?
Secured loans require that you offer up something you own of value as collateral in case you can’t pay back your loan, whereas unsecured loans allow you borrow the money outright (after the lender considers your financials).
What secured means?
to get hold or possession of; procure; obtain: to secure materials; to secure a high government position. to free from danger or harm; make safe: Sandbags secured the town during the flood. to effect; make certain of; ensure: The novel secured his reputation.
‘Collateral Damage‘: The dictionary definition of this phrase reads ‘injury inflicted on someone other than the intended target, civilian casualties of a military operation. … Because living through collateral damage is more to do with your state of mind, than the physical body itself.
In the normal procedure for selling collateral, you would either first pay off the loan or you would use the funds from the sale to pay off the finance company’s lien. Once the loan is paid in full, the finance company will file a lien release with the appropriate state or county authority.
Types of Collateral You Can Use
- Cash in a savings account.
- Cash in a certificate of deposit (CD) account.
- Insurance policy.
Secured loans are usually easier to get approved for if you have poor credit or no credit history. This is because using your property as collateral lowers risk for the lender.
Secured loans not only allow you to use a financial institution’s funds, but they can also help you create a positive credit history. If you are just beginning to establish credit or are trying to rebuild your credit after past difficulties, opening a secured loan can help you do that.
Secured Obligations means any Obligations, fees, premiums, indemnifications, reimbursements, damages, guarantees and other liabilities payable under this Security Agreement, the Credit Agreement and the other Loan Documents, in each case, whether now or hereafter existing, renewed or restructured, whether or not from …
Some advantages of secured loans include:
- You may be able to request larger amounts of money because of the reduced risk to the lender.
- Some lenders offer longer repayment terms and lower interest rates than those offered for unsecured loans.
- It may be easier to get a secured loan because of the collateral.
Secured loans are less risky for lenders, which is why they are normally cheaper than unsecured loans. But they are much more risky for you as a borrower because the lender can repossess your home if you do not keep up repayments. … debt consolidation loans (although not all of these loans are secured).