Social Sciences, asked by shereabeauty, 1 year ago

why do banks ask for collateral while giving loans ?

1 mark question....​

Answers

Answered by Crazygirl123
4

Banks ask for collaterals while giving loans for assurity that the person has taken the credit and collaterals become surity for the banks.

hope it helps ❤❤


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Answered by BraɪnlyRoмan
16
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>> Banks use collateral as a guarantee unlit the loan is repaid.

[for 1 mark]
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