Asked by asdfhdfgsjmdajdfgtg

Having collateral when you take a secured loan means:(1 point)
Responses

none of these
none of these

something specific that can be reclaimed if the borrower fails to pay like a house.
something specific that can be reclaimed if the borrower fails to pay like a house.

you will loose your job
you will loose your job

a credit card
Answered by GPT-4o mini
The correct response is: **something specific that can be reclaimed if the borrower fails to pay like a house.**

In a secured loan, collateral refers to an asset that the lender can seize if the borrower defaults on the loan.