SS.912.FL.4.3

Explain that loans can be unsecured or secured with collateral, that collateral is a piece of property that can be sold by the lender to recover all or part of a loan if the borrower fails to repay. Explain why secured loans are viewed as having less risk and why lenders charge a lower interest rate than they charge for unsecured loans.
General Information
Subject Area: Social Studies
Grade: 912
Strand: Financial Literacy
Standard: Using Credit
Date Adopted or Revised: 04/15
Status: State Board Approved

Related Courses

This benchmark is part of these courses.
2102800: Florida’s Preinternational Baccalaureate Comparative Economics With Financial Literacy (Specifically in versions: 2014 - 2015, 2015 - 2022 (current), 2022 and beyond)
2102335: Economics with Financial Literacy (Specifically in versions: 2014 - 2015, 2015 - 2018, 2018 - 2022 (current), 2022 and beyond)
2102340: Economics with Financial Literacy for Credit Recovery (Specifically in versions: 2015 - 2018, 2018 - 2022 (current), 2022 and beyond)
2102345: Economics with Financial Literacy Honors (Specifically in versions: 2014 - 2015, 2015 - 2018, 2018 - 2022 (current), 2022 and beyond)
2102372: Personal Financial Literacy (Specifically in versions: 2015 - 2018, 2018 - 2019, 2019 - 2022 (current), 2022 and beyond)
2102374: Personal Financial Literacy Honors (Specifically in versions: 2015 - 2018, 2018 - 2019, 2019 - 2022 (current), 2022 and beyond)
7921021: Access Personal Financial Literacy (Specifically in versions: 2019 and beyond (current))

Related Access Points

Alternate version of this benchmark for students with significant cognitive disabilities.
SS.912.FL.4.In.c: Explain the difference between secured and unsecured loans.
SS.912.FL.4.Su.c: Identify the characteristics of secured and unsecured loans.
SS.912.FL.4.Pa.c: Identify the characteristics of a secured loan.

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