Borrowers may utilise secured loans for a variety of purposes. A home loan, for example, is available to individuals who require to purchase a property. In contrast to that, a loan against property is available to those who need a more significant sum for personal or professional purposes. Except for loans against property that can be used for many purposes, the nature of a secured loan often determines what it will be used for. Borrowers cannot, for instance, utilise a vehicle loan for anything other than buying a car.