Enterprise Dictionary: Asset primarily based quick-time period (usually for one to 5 years) loan payable in a set variety of equal installments over the time period of the mortgage. Time period loans are typically offered as working capital for buying income producing property (machinery, tools, stock) that generate the cash flows for repayment of the loan.

Wikipedia: A financial loan that’s repaid in regular funds over a set time period. Time period loans usually last between one and ten years, but could last as long as 30 years in some circumstances.

Investopedia: A loan from a bank for a particular amount that has a specified repayment schedule and a fixed or floating interest rate.

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This can be a high-curiosity loan just like secured loans, however with much more risk. The borrower gives some form of property (jewelry, coin collection, electronics, etc.) as collateral for a loan. The pawn store proprietor offers the mortgage and sets the phrases for repayment. If the borrower repays the loan on time, the property is returned. If the mortgage will not be repaid on time, the pawn store owner can sell the item to recover the unpaid amount.