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What is the difference between a secured and unsecured loan?

When you take out a secured loan, you have to use something of value that you own, like your car, home, or other valuable personal property. This is called collateral. The lender holds the title or deed to the collateral or places a lien on the collateral until you pay the loan off in full. If you do not repay the loan, the lender has the right to take possession of the collateral and apply the proceeds of the sale of the collateral to the outstanding debt.

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