Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.
If you choose not to pay the lender back, then they have the authority to force you to sell your property which, settle the debt you owe them. Therefore, secured loans use your property as security. Unsecured loans are lent without any such form of security and therefore pose no risk to your property.
