Definitions for "Secured Loans"
Loans in which specific assets have been pledged by the borrower as collateral to secure the loan. Security agreements and mortgages serve as evidence of security in secured loans.
A loan backed by collateral and secured against something tangible, such as a home (real estate).
Secured Loans are loans which are guaranteed by the equity in your home - if you default on repayments, the lender has the option of repossessing your home to repay the loan, although that step is very much a last resort. Because of this security, secured loans are less of a risk to the lender than unsecured loans, and so the interest rate will usually be lower, and it is easier to get approved for those with bad credit ratings etc.