Activator230822
Verified member
ln my country most types of loans that people take requires the collateral. Collateral of a loan is that asset that has the same value of the loan that you intend to borrow from the lenders.
ln most cases the people in my country often uses the personal assets like belongings as the collateral for the loans that they are willing to take. So in an event whereby the borrower fails to repay off the loans, the lender is allowed by the court of law to reinstate the assets offered by the borrower as the collateral for the credit facility.
That's why we oftenly see that the people's belongings are being taken by the lenders because the borrower's failed in repaying back the loans they took from them.
ln most cases the people in my country often uses the personal assets like belongings as the collateral for the loans that they are willing to take. So in an event whereby the borrower fails to repay off the loans, the lender is allowed by the court of law to reinstate the assets offered by the borrower as the collateral for the credit facility.
That's why we oftenly see that the people's belongings are being taken by the lenders because the borrower's failed in repaying back the loans they took from them.
