Secured loan is a kind of personal loan that require a collateral such as a home or an automobile, as a security against repayment of the loan , the security will be the borrower's property, regardless of whether it is mortgaged or owned outright. however, The borrower does not lose his right over the collateral. The secured personal loan provider holds the right till the borrower completely repays the loan. Once the secured personal loan has been paid, the borrower can redeem his rights over the collateral

However, the most commonly used type of security is the borrower