Secured loans are backed by collateral, which is typically physical assets like a house or car or financial assets such as stocks and bonds. They generally offer lower rates and easier approval than unsecured personal loans, especially for borrowers with bad or no credit. They are commonly used to finance large purchases, including mortgages, auto loans and home equity lines of credit. https://www.finznest.com/blog/student-loan-borrowers-may-qualify-for-lower-bills-under-ibr-change/