4. CollateralCollateral, or guarantees, or also known by the term ' collateral ', is an asset which is used as a guarantee for a loan. This can be a warranty item land, buildings, motor vehicles, gold, as well as deposits. If you later failed to pay off the loan, then the collateral will be auctioned by the bank to meet your dependants. Therefore, the higher the value of the collateral than the requested loan, it will be the greater chance your credit application is received.
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