Secured Vs Unsecured

In the simplest terms secured means protected; from worst case scenarios by having a safety net in case of [enter scenario]. Insurance on your home protects you in case of flood, fire, burglary by covering all/partial damages. Insurance on your credit card protects you against identity theft, unemployment etc. by covering all/partial damages. A secured loan simply means there is a backup protection plan in case the borrower does not repay the loan amount.

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