Security

What is Security?

Security is an asset pledged to a lender upon applying for a Secured Loan. In the case of a mortgage, the security is the property itself and for finance it is the item that was financed (e.g. a car). The legal agreement for the right to sell the borrower's property is called a Lien.


Q: What’s the difference between collateral and security?

A: There isn’t one. Collateral is an American term meaning the same thing as security, but in recent years it has become commonplace as a term in UK.

Jargon Buster

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