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A assured lend is a type of loan that is guaranteed by collateral that you own, such as your residence or auto. The report contains several different types of secured loans, from mortgages and auto loans to secured credit cards and secured personal lends. Lenders may offer better interest rates and words on their secured loans, but they’ll also have the right to seize your collateral if you miss a payment or default. Read more personal investment coverage.

While borrowers take out different types of loans every day, all of them will fall into one of two categories: procured or unsecured loans.

Certain types of lends, like mortgages, are always fastened loans. But with other types of debt, you may have the option of choosing between secured and unsecured loan options.See the rest of the narrative at Business Insider

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