Final answer:
A title lender offers very short-term loans using property as collateral, focusing on the collateral's value instead of conducting thorough credit checks like banks or credit unions.
Step-by-step explanation:
The type of lender that offers very short-term loans using a piece of property owned as collateral is known as a title lender. These lenders provide loans based on the value of an owned property, typically a vehicle. The property is used as security for the loan and can be repossessed by the lender if the loan is not repaid in accordance with the agreed terms. Unlike traditional banks or credit unions, which require a thorough credit check and potentially a cosigner, title lenders focus on the value of the collateral when making lending decisions.