Question

define collateral society​

Answer 1

Answer:

The term "collateral" refers to any asset or property that a consumer promises to a lender as backup in exchange for a loan. Typically, collateral loan agreements let the lender take over the asset if the borrowers fail to repay the debt according to the contract.

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Answer 2

Answer:

collateral is an asset pledged by a borrower to a lender , usually in return for a loan.