What term describes money borrowed that is backed up with something of value in case the borrower can't pay it back?

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asked Apr 20, 2024 688 views

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Loki · Answer 1 · 2024-04-21T04:59:00+0000

Answer: secured debt

Step-by-step explanation:

Secured debt is money borrowed that is guaranteed (or secured) by the borrower’s funds or assets and held by the lender in an interest-bearing account.

What term describes money borrowed that is backed up with something of value in case the borrower can't pay it back?

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