Business, 23.07.2019 12:00 CaptainCc

An is a category of loan in which the borrower receives a loan based solely on his or her creditworthiness and does not need to must pledge some sort of asset as collateral.

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A coalatoral loan is a category of loan in which the borrower receives a loan based solely on his or her creditworththiness and does not need tovmust pledge some sort of asset as collateral

Answer from: jay3676

An unsecured loan is a category of the loan in which the borrower receives a loan based solely on his or her creditworthiness and does not need to must pledge some sort of asset as collateral.

Further Explanation:

Unsecured loan:

An unsecured loan refers to the loan that is granted based on the applicant’s creditworthiness. The applicant does not require to transfer any asset to back the loan. The bank checks the credit history of the applicant and issues the loan only based on the credibility to repay the loan. As the loan is granted solely based on the creditworthiness, therefore, it is known as the unsecured loan.

The unsecured loan is considered risky for the banker or the lender because it is not secured by any asset. The banker or lender would not be able to take the possession of any asset at the time of default in the payment of the loan.

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An unsecured loan is a category of the loan in which the borrower receives a loan based solely on his or her creditworthiness and does not need to must pledge some sort of asset as collateral.

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Learn more about the loaning the money Learn more about the cash deficiency Learn more about the fund with low liquidity

Answer details:

Grade: Senior School

Chapter: Loans

Subject: Accounting

Keywords: category, loan, which, borrower, receives, loan, solely, his, her, creditworthiness, does, must, pledge, some, sort, asset, collateral.

Answer from: Quest

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Answer from: Quest

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