A secured loan can also place a lien on the asset that is being used as collateral, which means that it becomes part of your legal ownership until you pay the debt back in full. Unsecured loans, on the other hand, are not backed by any assets. This includes credit cards, student loans and personal loans. https://easzfin.com/overlooking-beneficiary-designations-is-a-big-ira-mistake-attorney/