What happens when you pay off a secured loan?
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Asked By: Guiseppe Cassin
Date created: Tue, Feb 2, 2021 10:20 PM
Date updated: Fri, May 26, 2023 7:50 PM
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After a few missed payments on a secured loan, the lender is likely to repossess the asset used to secure the loan… The repossession stays on your credit report for seven years. If you miss payments on a mortgage, home equity loan or business loan, the lender has a lengthier process to recoup its money.
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