An example of secured credit is a:
payday loan.
credit card.
mortgage.
medical bill.
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An example of secured credit is a:
payday loan.
credit card.
mortgage.
medical bill.
The correct answer is: mortgage.
A mortgage is a type of secured credit because it is backed by collateral, which is the property being purchased. If the borrower fails to make payments, the lender has the right to take possession of the property through foreclosure. In contrast, payday loans and credit cards are typically unsecured, meaning they are not backed by collateral. Medical bills are also unsecured.