Also known as security, this is an asset such as a car or a home offered as a guarantee of payment by the borrower. It can be taken into possession by a lender if a borrower defaults on their loan repayments.
Also known as security, this is an asset such as a car or a home offered as a guarantee of payment by the borrower. It can be taken into possession by a lender if a borrower defaults on their loan repayments.
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