Description and Coding Systemâ (âHarmonized Systemâ or simply the âHSâ).2 It went. into effect internationally on January 1, 1988, with the entry into force of the. International Convention on the Harmonized Commodity Description and Coding. System (âHarmonized System Conventionâ) to which the Harmonized System is.
A secured debt or secured claim is one where the lender has some sort of collateral. A car loan or home mortgage would be the most common examples, but other debts may be secured as well, especially in business settings.
The vast majority of secured personal loans use a car as collateral. 1  If you own a paid-off car, you can use an auto equity loan to borrow against its market value. Depending on your credit history and the lenderâs payment affordability standards, you may be able to borrow 100% or more of the carâs value.