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what is collateral

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what is collateral

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Asked 10/31/2010 9:59:18 AM

Updated 1/9/2016 7:45:31 PM

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Flagged by emdjay23 [1/9/2016 7:45:31 PM]

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User: what is collateral

Weegy: That was the correct answer.
debnjerry|Points 5611|

User: what does collateral mean

Weegy: That was the correct answer.
debnjerry|Points 5611|

User: Why is collateral required for some people and for some types of loans?

Weegy: Collateral loans are used when the lender wants some assurance that they won?t lose all their money. If you pledge an asset as collateral, they can take the asset, sell it, and get their money back. [ Contrast this with an unsecured loan, where all they can do is ding your credit or bring legal action against you. ]
IfNotSo|Points 5366|

Question

Asked 10/31/2010 9:59:18 AM

Updated 1/9/2016 7:45:31 PM

1 Answer/Comment

This conversation has been flagged as incorrect.

Flagged by emdjay23 [1/9/2016 7:45:31 PM]

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emdjay23

Collateral is property or other assets that a borrower offers a lender to secure a loan.

Added 1/9/2016 7:45:30 PM

This answer has been confirmed as correct and helpful.

Confirmed by jeifunk [1/10/2016 12:01:24 PM]

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