a loan that requires the borrower to pledge specific assets as collateral is called a(n) loan.

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15-12-2022
Business

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a loan that requires the borrower to pledge specific assets as collateral is called a(n) loan.

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Tutorconsortium705 Tutorconsortium705 · Answer 1 · 2022-12-20T09:59:28-05:00

An asset (such a car or piece of property) is pledged as security for a loan in a secured loan, making the asset a secured debt owed to the lender.

How do loans with security operate?

Loans that are secured by an asset are called secured loans. This means that the lender will ask you which of your assets you want to use as collateral when you apply for a secured loan. Following that, the asset will be subject to a lien held by the lender until the loan is returned in full.

What exactly is an asset?

An asset is something that has monetary value or the potential to be profitable. For instance, a machine, a financial instrument, or a patent

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