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A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral, and if the borrower defaults, the creditor takes possession of the asset used as collateral and may ...
Collateral (finance) In lending agreements, collateral is a borrower's pledge of specific property to a lender, to secure repayment of a loan. [1][2] The collateral serves as a lender's protection against a borrower's default and so can be used to offset the loan if the borrower fails to pay the principal and interest satisfactorily under the ...
One of the most common examples of a security interest is a mortgage: a person borrows money from the bank to buy a house, and they grant a mortgage over the house so that if they default in repaying the loan, the bank can sell the house and apply the proceeds to the outstanding loan. [3] Although most security interests are created by ...
Secured transaction. A secured transaction is a loan or a credit transaction in which the lender acquires a security interest in collateral owned by the borrower and is entitled to foreclose on or repossess the collateral in the event of the borrower's default. The terms of the relationship are governed by a contract, or security agreement. [1]
Similar to a traditional bank, most credit unions offer 15- and 30-year mortgages, but you may also be able to get custom loan terms depending on your credit union. Personal Loans and Credit Cards
Security Bank was established on June 18, 1951, as Security Bank and Trust Company (SBTC) in Manila, Philippines. At the time, SBTC was the first privately owned, Filipino-controlled bank of the post- World War II era. The bank's head office was first located in the Don Roman Santos Building on Plaza Goiti, moving to Escolta in 1954.
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