Question

Secured loans use one of your assets, such as a car or boat, as collateral to guarantee that the lending institution will get the loan back even if you fail to make payments. A. True

B. False

Answer 1

It's True

Step-by-step explanation:

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Answer 2

Answer: True.

Step-by-step explanation:

Most banks or financial institutions that offer loans to borrowers always ask the borrowers to present a collateral before the loan can be granted. The collateral acts as a security, it assures the lender their money lent would be recovered or the borrower would have to forfeit the collateral.