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Secured loan – This can be a loan where the borrower will pledge his asset just like a auto or dwelling which will be sold if he is not able to fork out again the loan.
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Repossess – The voluntary or compelled surrender of items in the case of the purchaser’s failure to pay for back again a loan.
Co-signer – An individual who willfully indications a loan settlement with the borrower and partly assumes duty of repayment of a loan.