A secured debt has two purposes: first of all, there is the financial risk relief for the creditor; in case the loan cannot be returned, the borrower still has the property and can regain some or the entire amount by selling it. Second of all, such a loan presents advantages for the lender, as well, as it can gain more favorable terms for the loan. The borrower can also extend the credit with secured debt, while the unsecured loan cannot be extended. Same, the borrower can benefit of good repayment periods and interest rates for a secured debt.
Types
The mortgage loan implies a property, like a home, as collateral
The nonrecourse loan means that the creditor has no other recourse against the debtor but the collateral, so there is no other possibility to regain the deficiency that may result after selling the property.
The foreclosure implies a legal process with the purpose to sell the mortgaged property so that the creditor regains the debt.
The repossession means that the creditor takes back the property, possibly a car, if the borrower fails to pay back the loan.
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the
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