Collateral is the property a borrower pledges to a lender in a loan. This property secures the lender's interest. A house is the collateral on a mortgage loan.
Collateral
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
Typically a mortgage is a loan secured by real property (land!) and collateral is personal property (jewels, bonds, valuables, etc.) used to secure a loan.
One disadvantage to a collateral loan is that the property put up as collateral can be taken away if the loan is not paid as promised. The dollar value of the collateral does not matter at the time, but after it is sold, the lender should return any portion above the loan repayment amount.
Collateral is the property a borrower pledges to a lender in a loan. This property secures the lender's interest. A house is the collateral on a mortgage loan.
Collateral is an adjective that is frequently used elliptically as a noun. The bank wanted collateral (property) to secure the loan. It is understood that the property is offered collaterally to secure the loan so the noun 'property' is omitted.
Collateral
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
Typically a mortgage is a loan secured by real property (land!) and collateral is personal property (jewels, bonds, valuables, etc.) used to secure a loan.
One disadvantage to a collateral loan is that the property put up as collateral can be taken away if the loan is not paid as promised. The dollar value of the collateral does not matter at the time, but after it is sold, the lender should return any portion above the loan repayment amount.
Of course not. You have to follow the legal process, in other words, file a court case, get a judgment in your favor and then seek an order to seize property if they don't pay up in the time specified by the court order. Otherwise it is theft.
no
It depends on the type of personal loan. It is possible to get a loan using only a good credit score as collateral. If you do not have good credit, it is still possible to get a loan without collateral, but you can expect to pay a much higher interest rate. It is also possible to use a vehicle or property as collateral.
If there is a loan which used the car as collateral, yes.
Not LegallyUnlessYou are married
Collateral, well for me it is what could place an equal but opposite return to to what i am giving as load. What if your organ could be taken as collateral? Just have the loan before borrowing.