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[[1]] is an asset the borrower owns and uses as a guarantee until the loan is repaid to the lender.

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Detailed Solution

Collateral refers to an asset the borrower owns and uses as a guarantee until the loan is repaid to the lender. The formal and the informal sources of credit ask for collateral security for certain types of loans. The collateral could be a house, a building, a vehicle, or any other material the bank or the credit provider specifies. The credit providers ask the collateral security to ensure they do not incur losses. Even if the borrower does not pay the amount on the specified time and causes delays, the creditor can sell the collateral to cover the expenses subject to the rules and regulations.

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