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An Example Of Secured Credit Is A. For example, a secured credit card can serve as a valuable training ground to learn which money management tools fit your financial personality. Prefer not to deal with paper statements, mail or even a physical wallet?
A secured credit is any type of credit that s backed by some type of collateral.
Secured credit cards require collateral — usually a cash deposit with the issuing institution — for approval.
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A popular example of a secured Line of Credit is the Home equity line of credit (HELOC) which is backed by the collateral house property. Boat Loan - A boat loan is a loan to pay for a boat. What is a benefit of obtaining a personal loan? getting money with special repayment terms getting money with favorable interest rates getting small amounts of money to use immediately getting large amounts of.