What does a secured loan mean?

SBA only does secured or collateralized loans.

We don't do unsecured loans. In general terms, we talk about the topic of collateral; and a collateralized loan is in fact a secured loan. That means that I might collateralize my house or have someone else's signature saying that, but there is a second line that says if I was unable to pay back my debt, I am using my house as collateral. So if I couldn't do it then, my house would be turned over. So that's called a collateralized loan. I don't know in instances, if you are going to a bank where there would be an unsecured loan.

Written by Ellen Thrasher -
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