Secured Loan or Collateral Loan
A Secured Loan is obtained by having the borrower using collateral (i.e. a car or house) as means to get the loan. If the borrower defaults on the loan the collateral is sold to satisfy the loan. The amount that an individual can borrow differs depending on the lender and the amount needed. Banks offer most secured loans.

Sometimes you can use ownership in property or land as the collateral. If the borrower defaults, the property will be sold to satisfy the loan.

A collateral loan may be an option for you to get things done on the property such as a new roof or landscaping projects.

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