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2 January, 02:15

Secured loans use one of your assets, such as a car or boat, as collateral to guarantee that the lending institution will get the loan back even if you fail to make payments. A. True

B. False

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  1. 2 January, 02:23
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    Answer: True.

    Explanation:

    Most banks or financial institutions that offer loans to borrowers always ask the borrowers to present a collateral before the loan can be granted. The collateral acts as a security, it assures the lender their money lent would be recovered or the borrower would have to forfeit the collateral.
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Home » Business » Secured loans use one of your assets, such as a car or boat, as collateral to guarantee that the lending institution will get the loan back even if you fail to make payments. A. True B. False
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