So we can secure our personal property & assets via secured loan.Basically secured loan use for secure money & all business related terms
Well no, it's the other way around. The property isn't secured by the loan; the loan is secured by the property.
This is the correct meaning of security against the loan, loan is secured against the collateral security.
In case of Unsecured loan, the Lender is at much risk of not getting the amount repaid back, it is found most of times in unorganized money market where high rate of interest is charged for giving such loans mostly the "Sahukars" i.e, the Rich people in the villages and rural areas engage in giving this type of loans to the farmers and charge exorbitant rates of interest to exploit the poor farmers.