Legal analysis: A secured loan means that when the borrower cannot provide a full mortgage (pledge), there should be a guarantee provided by a third party recognized by the lender. The guarantor is a legal person and must have the ability to repay all principal and interest of the loan on his behalf, and must have a deposit account in a bank. If the guarantor is a natural person, he must have fixed financial resources, sufficient repayment capacity, and a certain amount of deposit deposited in the lending bank. The witness and the creditor shall enter into a guarantee contract in writing. If the guarantor changes, the guarantee procedures must be changed in accordance with regulations. The original guarantee contract cannot be revoked without the approval of the lender. A secured loan is a loan in which the borrower's property or the property of a third party is used to guarantee the loan according to the loan contract or the borrower's agreement, and the third party bears joint and several repayment responsibilities when necessary.

Legal basis: Article 502 of the "People's Republic of China and Civil Code" A contract established in accordance with the law shall take effect from the time of its establishment, unless otherwise provided by law or otherwise agreed by the parties.

In accordance with the provisions of laws and administrative regulations, if the contract should be approved and other procedures should be followed, the provisions shall be followed. If the failure to go through approval and other procedures affects the effectiveness of the contract, it will not affect the effectiveness of the contract's obligation clauses such as submission for approval and related clauses. If the party that should go through the application approval and other procedures fails to perform its obligations, the other party may request that it bear liability for violating such obligations.

In accordance with the provisions of laws and administrative regulations, if the modification, transfer, termination, etc. of a contract require approval and other procedures, the provisions of the preceding paragraph shall apply.