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Secured vs. Unsecured Debt
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Secured Credit Card
A type of secured debt designed to build credit, requires a cash deposit as collateral.
Payday Loan
A short-term, high-interest unsecured debt that is expected to be repaid with the borrower's next paycheck.
Title Loan
A secured debt that requires vehicle ownership title as collateral.
Rental Agreement Debt
An unsecured debt unless a security deposit is held as collateral.
Home Equity Loan
A secured debt where the borrower's equity in their home is used as collateral.
Car Loan
A secured debt with the purchased vehicle as collateral.
Student Loan (Federal)
An unsecured debt issued by the government to fund education, no collateral required.
Tax Lien Certificate
A secured debt instrument issued by a government entity against a property owner who has not paid property taxes.
Medical Debt
An unsecured debt incurred due to healthcare expenses.
Peer-to-Peer Loan
Can be secured or unsecured debt, dependent on the agreement between the borrower and the lender in the peer-to-peer network.
Bail Bond Loan
A secured debt where collateral is required to guarantee the appearance of the defendant in court.
Construction Loan
A short-term secured debt with the property under construction serving as collateral.
Credit Card Debt
An unsecured debt that does not require collateral and often has high interest rates.
Mortgage
A secured debt where the collateral is real estate property.
Business Loan
Can be a secured or unsecured debt based on whether collateral is provided for the loan.
Pawn Loan
A short-term secured debt where personal property is used as collateral.
Unsecured Line of Credit
An unsecured debt that provides access to funds up to a certain limit without collateral.
Utility Bill Debt
Generally an unsecured debt as utilities service itself is not collateral.
Personal Loan
Can be a secured or unsecured debt, commonly used for personal expenses.
Bridge Loan
A short-term secured debt often used in real estate transactions.
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