Aloan that is backed by collateral is a. secured b. high interest c. unsecured d. interest free

The correct answer is A.

A collateral is an asset that a lender accept as a security for a loan. If the loan is not paid back on time, the lender can seize the collateral and resell it to cover the loan.

A secure loan is always covered by a collateral. The collateral is pledged, meaning the loan is certain to be paid back. Collateral can be anything of value: money, real estate, cars, investments, personal belongings, livestock.

An insecure loan is not backed by collateral. When somebody borrows money, the lender requires nothing more than the promise that the money would be paid back.

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