A financial institution that makes loans using a borrower's car as collateral is called a _____.A.credit unionB.payday lenderC.title pawn lenderD.retail bankSUBMITarrow_backPREVIOUS
Question
A financial institution that makes loans using a borrower's car as collateral is called a _____.A.credit unionB.payday lenderC.title pawn lenderD.retail bankSUBMITarrow_backPREVIOUS
Solution
The correct answer is C. title pawn lender. This type of financial institution provides loans to borrowers using their car title as collateral. If the borrower fails to repay the loan, the lender can take possession of the car.
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Fill in the Blank QuestionFill in the blank question.A loan backed by collateral, something valuable like property, is called a loan.
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