3 ms·
Wouldn't a loan for jewelry be secured by the jewelry itself, if nothing else? I thought "unsecured" implied that there was no collateral or object that could b
by mattkrause 8y ago
Wouldn't a loan for jewelry be secured by the jewelry itself, if nothing else? I thought "unsecured" implied that there was no collateral or object that could be repossessed if you failed to pay (e.g., student loans).
- yebyen 8y agoYes, this. It matters if there is something tangible to be repossessed or not.
- taejo 8y agoSecuredness is a property of the loan, not of the thing you used the loan to buy.
- mattkrause 8y agoSure, but loans for tangible property can usually be secured by the thing itself (assuming it doesn't deprecate, etc), so I think tangible thing==>secured loan is not a crazy rule of thumb. Assuming you could talk a lender into taking the risk, I see no reason you couldn't get an unsecured loan for a car. Obviously, you could put up collateral to secure any sort of loan too.
- taejo 8y agoIt's not a crazy rule of thumb at all, but you're more likely to buy jewellery with a credit card than a secured loan.