What makes a loan secured?

I got credit through Dell (Dell prefered account) and used almost all of the credit to purchase a computer. But as I pay it down I get to re-use the credit. Is this loan secured by the computer, or is it plain old unsecured debt? Thanks.

Answers:
Secured loans mean that the property you are buying is held as collateral. The two biggest types of secured loans are: (1) mortgages, and (2) car loans. Just about everything else is unsecured. I also purchased a computer through Dell, and that's unsecured credit. It works like this: They approve you for a certain credit amount, say, $2,500.00, and you can spend as much as that $2,500.00 as you want, but over time, as you pay your debt, your amount of available credit goes up, so you can buy more if you like.
Read the contract.
If you get to reuse the credit then its a revolving unsecured credit but I suggest u call customer service and ask them.
It's a line of credit, so it is not secured by any purchases you make through dell.

The Secured Loan information post by website user , LoanSecuredLoan.com not guarantee correctness.


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