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Q.

[[1]] is an agreement in which the lender supplies the borrowers with money, goods and services in return for the promise of future payments.


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Detailed Solution

A credit is an arrangement in which the lender provides the borrower with money, commodities, or services in exchange for the promise of future payment. As under this arrangement, the borrower pays the consideration later, usually with interest. The lenders also need collateral (security). The borrower's asset (land, building, car, bank savings, livestock) is referred to as collateral (security). The collateral serves as a commitment to the lender until the loan is repaid. If the borrower fails to repay the loan, the lender may sell the asset or collateral to get payment.
 
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