asset on which the lender has the legal right to exercise ownership if the funds are not returned is called a collateral. If a collateral is associated with a loan, it is called a secured loan. If the loan is made to the borrower with no strings attached and no collateral, it is called an unsecured loan
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1 Richa // Mar 8, 2010 at 9:22 pm
asset on which the lender has the legal right to exercise ownership if the funds are not returned is called a collateral. If a collateral is associated with a loan, it is called a secured loan. If the loan is made to the borrower with no strings attached and no collateral, it is called an unsecured loan
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