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Q.

The asset of a borrower that the lender keeps as a guarantee is also known as ____.


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Detailed Solution

The asset of a borrower that the lender keeps as a guarantee is also known as collateral. If the borrower fails to repay the loan, the lender has the right to sell this asset. It is a part of the terms of credit. Properties like livestock and land titles are some examples of collateral. A high collateral requirement makes it difficult for an individual to borrow money. Due to high collateral requirements in the formal sector, poor households tend toward informal moneylenders and traders, which worsens their debt burden because of the high-interest rate.
 
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