?? ??? Secured Loan A loan that is backed up by collateral. ??? ??? ??? Grace Period An amount of time to pay off a debt without having to pay interest on it. ??? ??? ??? Unsecured Loan A loan that is not backed up by collateral ??? ??? ??? Repossess To take back collateral put up for a loan, such as a car, if the loan is not paid back. ??? ??? ??? Garnishment of Wages A creditor's legal right to