Legal and technical aspects for a secured loan

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Legal and technical aspects for a secured loan

Legal aspects involve creating a legal agreement between the lender and borrower outlining the terms and conditions of the loan
Technical aspects involve assessing the value of the collateral being used to secure the loan
The lender must ensure that the collateral is legally owned by the borrower and that it has enough value to cover the loan amount
The lender may also require insurance on the collateral to protect their investment
Examples of secured loans include mortgages, car loans, and business loans secured by assets such as equipment or property

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