An Example Of Secured Credit Is A Payday Loan. Credit Card. Mortgage. Medical Bill.

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Question

An example of secured credit is a payday loan. credit card. mortgage. medical bill.

Answer

The correct answer is: “mortgage”. A secured credit refers to a loan which has been granted by a financial instution to a borrower, under the condition that the latter provided a guarantee for the return of the funds, an asset that the bank would keep in case of default. Therefore, this sort of credits need to be backed by a collateral. A mortgage is a debt instrument which is demanded by borrowers who aim to buy a real state property. In fact, such property works as collateral and, in the case of default in repayments, the financial institution that provided the credit has the right to own the property in return.

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