Secured bank card: a credit rating account that needs the debtor to make some kind of collateral вЂ” often a money deposit corresponding to the total amount of the borrowing limit regarding the card. Secured bank cards are simpler to get than standard credit reports and are usually great for borrowers with dismal credit or no credit.
Secured financial obligation: financing that will require a bit of home (such as for example household or vehicle) to be utilized as security. This security provides protection for the financial institution, because the home may be seized and sold in the event that you donвЂ™t repay your debt.
That loan that is supported by security, such as for instance an car finance or a loan that finances the purchase of some devices or furniture.
Settlement: an understanding reached with a creditor to pay for a financial obligation at under the amount that is total.