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.
Different Types of Personal Loans. Secured: A loan is secured when the borrower pledges some asset (e.g. a home or car) to the lender. The lender (usually a bank) uses this asset as collateral to help ensure repayment. Mortgages: These are used to finance the purchase of a home or apartment.