If a borrower provides collateral and fails to repay the loan, a) the borrower may cancel the loan to get the collateral. b) the lender can sell the collateral to cover losses. c) the borrower must buy the collateral back. d) the lender keeps the collateral in case of late payment.

If a borrower provides collateral and fails to repay the loan, then (B) The lender can sell the collateral to cover losses.

Explanation:

Because of a gold credit, if the borrower neglects to reimburse the advance, the bank has the full position of selling the collateral and recuperates their cash. When the cost of gold is, more the cash left in the wake of taking the extraordinary sum will come back to the borrower.

Therefore, this is a significant drawback to defaulting on protected loans. When this occurs, the advantages you set up for guarantee when getting a verified credit can be repossessed right away. In numerous U.S. states, banks are not constrained to tell borrowers that their insurance resources have been seized and auctions off to a buyer.

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