Question

Discuss the importance's of collateral to both borrowers and lenders.

Answer 1

Answer:

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Explanation:

Collateral is an item of value used to secure a loan. Collateral minimizes the risk for lenders. If a borrower defaults on the loan, the lender can seize the collateral and sell it to recoup its losses. ... Other personal assets, such as a savings or investment account, can be used to secure a collateralized personal loan.

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Answer 2

Explanation:

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