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Speak Up! - View Question #19143 |
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Question: What is collateral?
Answer: Collateral is an item of value that is accepted by the lender to be used to pay back the loan if you are unable to repay it yourself.
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On 08/02/08
jeane from FL said:
Its like when a teacher askes for ur car keys or student id to keep on her desk till you return the pencil you borrowed.She makes sure she's getting that pencil back because you've given her something of value.
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