The conversation between human and AI assistant.
What are secured loans? How do they work?
Can you explain to me what secured loans are and how they work?
Sure! Secured loans are loans that require collateral, such as a house or a car, that can be claimed by the lender if the borrower fails to repay the loan. The collateral serves as a guarantee for the loan and can help the borrower secure a larger amount of money or a lower interest rate.