What is collateral quizlet?
Collateral. Something of value (often a house or a car) pledged by a borrower as security for a loan. If the borrower fails to make payments on the loan, the collateral may be sold; proceeds from the sale may then be used to pay down the unpaid debt.
What is collateral in a personal loan?
What Is Collateral? Collateral is simply an asset, such as a car or home, that a borrower offers up as a way to qualify for a particular loan. Collateral can make a lender more comfortable extending the loan since it protects their financial stake if the borrower ultimately fails to repay the loan in full.
What is collateral and why is it used quizlet?
Terms in this set (10)\n\n What is collateral? A type of unsecured credit. Property given as security for a loan. Funds borrowed to buy property. A payment to reduce overall debt.
What is meant by a collateralized loan quizlet?
A: a collateralized loan. Since pawnshops make loans based on determining the value of collateral (a tangible object such as jewelry, cameras, musical instruments) they receive, the loan is considered a collateralized loan.
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