what is meant by Collateral in terms of credit
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Collateral is an asset that the borrower owns ( such as land, building, land, etc. deposit with bank ) and uses this as a guarantee to a lenders until the loan is repaid
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It is an asset that the borrowers owns such as land ,buildings,vehciles,livestock, deposits with banks and uses this as a guarantee to a lender until the loan is repaid.
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Hope it's help u
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