Question

Loans obtained from pawn brokers by pledging movable property are called as
А.
Term
B.
Chattel
C.
Production
D.
All of the above
​

Answer 1

They are known as a chattel.

• These are usually obtained by pledging mobile items to pawn brokers.
• These serves as collateral for the loan, and the lender owns a portion of it.
• It varies from a traditional mortgage, which is backed by a lien on a fixed asset like a house or office building.
• Although they are frequently more expensive than regular foreclosures, some borrowers might qualify for low-interest, govt loans.