A secured loan is a loan where the borrower pledges some asset (ex. car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The loan is secured against the collateral — in the event that the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower, for example, foreclosure of a home or repossession of a car.
A secured loan is normally much easier to get than an unsecured loan due to the fact that the bank has collateral.
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