interest rate Collateral and documents required for a pending loan are called ________
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Explanation: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. If you're considering taking on a loan secured by a personal asset, it's important to understand how collateral works.
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