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Q.

Collateral is a part of the Terms of Credit that a ____ enforces upon a borrower for giving a credit.

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Detailed Solution

Collateral is a part of the terms of credit that a lender enforces upon a borrower for giving a loan/credit. Collateral is usually not mandatory in informal sectors of credit. At the same time, it may be compulsory in the formal credit sector because collateral legally gives the right to the lender to recover the loan amount in case of non-repayment of loans, which is not possible if the borrower does not secure it. It is collateral while obtaining a loan. In that case, the lender has no upper hand if the borrower cannot repay the loan amount.

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