A secured loan means your house or some other valuable item is offered as security for the loan. If you fail to repay the loan the lender can sell the secured item to get their money back. This can be the cheapest form of borrowing, but you should always consider the risk should you forfeit on the repayments.
A payment holiday feature is where a lender allows the borrower to miss an agreed number of payments without incurring financial penalties. Not all agreements allow this and you will alomost always pay extra intrest or fees fro this privilege.
A secured loan is often easier to obtain -due to the security it offers to the lender and normally lower interest rates are available on this type of loan. An unsecured loan means there is more risk to the lender and so they will tend to charge more fo this.
Before applying for a secured loan it's important you are comfortable with putting your home or other property at risk as security.
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