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{fill_ regular} is an asset the borrower owns and uses as a guarantee to a lender until the loan is repaid.

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Detailed Solution

Collateral is an asset the borrower owns and uses as a guarantee to a lender until the loan is repaid.
The banks provide money to the borrower based on these assets. For the lender, the collateral acts as a form of security. If you fail to make payments, your lender can typically take possession of the collateral as payment for the loan. It is a part of the terms and conditions set by the lender, i.e., the one who gives loans as security. The lender has the right to sell the collateral, or the asset, to get the money necessary for repayment if the loan recipient cannot make payments.

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