Many banks and credit unions make available secured loans for their members. By ‘secured’ they mean that assets owned by you, typically your home, act as collateral so that the money you borrow is secured. This is a cheaper loan option, but it comes with a higher level of risks.
Secured loans are the less risky option available to lenders, as they are protected against the risk of no repayment by the asset which provides the security. For this reason they are generally less expensive for you than an unsecured loan might be; however, for you as the borrower the risk is significantly increased. If you are unable to make the necessary repayments you may face the repossession of your home.