Secured Loan

A secured loan is a personal loan where you offer security to the lender against the risk of you defaulting on your payments. Security on such a loan will typically be a high-value asset like a vehicle. If you fail to make repayments as per your credit agreement, the lender will be able to take possession of your asset and sell it to repay your loan.
You can often borrow higher amounts and get lower interest rates when applying for secured loans, as there is less risk to the lender.