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These loans are offered by the bank or a financial institution against collateral. The bank can even sell the property if the loan isn't paid back. The interest rates for secured loans are comparatively lower than unsecured loans. Example; mortgage home equity loan. home equity line of credit are secured loans. Q: My friend was searching for college loans bad credit and he came across the term emergency student loans. Can you tell me what this is? The purpose of the loan matters to OneMain Financial.  If you are going to use it to pay down existing debt then they want to know that.  If you are on the edge of getting a loan decision going down in flames, then designating the (potential) new loan from OneMain going towards a refinancing effort will be meaningful to them and might help you get the loan. 
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