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A secured loan is backed by an asset that the lender can seize if the loan is not repaid.
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If you do not have a bank account, you will not be able to submit your application.
All or some of this amount can be used when needed, with funds becoming available as the balance is paid.
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If a borrower defaults on his mortgage payments, the lender can take ownership of the property.The average borrower pays 10.64% on a 24-month term given by a commercial bank.
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Athens: Moneylenders funded maritime grain shipments in Ancient Greece through written agreements that used the ships and cargo as collateral.Car: When a borrower takes out a car loan, she pledges the car as collateral backing the amount borrowed.