Types of Secured Loans
Secured loans come in multiple forms, but the three most common types of secured loans include three financial consumer loan mainstays, all requiring appropriate collateral before the loan is approved.
- Mortgage Loans: Mortgage loans are at the top of the list of secured loans. Such loans are deemed “securable” by lenders because the borrower puts his or her house up as collateral. If the borrower doesn’t pay back the secured loan, the home can go into foreclosure and the borrower can lose the home.