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Secured loan – This is a loan wherever the borrower will pledge his asset like a motor vehicle or property that will be marketed if he is not able to pay back back the loan.
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Foreclosure – It is a authorized system during which collateral that's been pledged for just a loan may be offered so as to repay the loan if the borrower defaults.
Co-signer – A person who willfully indications a loan settlement with the borrower and partly assumes duty of repayment of a loan.