what is the meaning of collateral?
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Collateral is money or property which is used as a guarantee that someone will repay a loan. [formal] Many people use personal assets as collateral for small business loans. Most people here cannot borrow from banks because they lack collateral.
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Collateral is an asset which borrower owns and uses it as a guarantee that he or she will repay the loan...hope it helps mark brainliest
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