Expertlatin
/kəˈlæt̬·ər·əl/ valuable property owned by someone who wants to borrow money, which the person agrees will become the property of the lender (= person or business that lends money) if the debt is not paid back: She put up her house as collateral for the loan.
- What does collateral mean in the dictionary?
- What is the meaning of collateral in Oxford dictionary?
- What does collateral mean free dictionary?
- What does collateral mean in writing?
What does collateral mean in the dictionary?
Collateral is an asset, such as a home or a car, pledged by a borrower that a lender accepts as security against a loan in case the borrower for any reason cannot pay back the loan. If a borrower fails to pay back a loan, the lender can seize the collateral and sell it in order to recover the loan amount.
What is the meaning of collateral in Oxford dictionary?
/kəˈlætərəl/ [uncountable] (finance) property or something valuable that you promise to give to somebody if you cannot pay back money that you borrow. We had put our house up as collateral for our bank loan.
What does collateral mean free dictionary?
1. Situated or running side by side; parallel. 2. Coinciding in tendency or effect; concomitant or accompanying.
What does collateral mean in writing?
uncountable noun. Collateral is money or property which is used as a guarantee that someone will repay a loan. [formal] Many people use personal assets as collateral for small business loans.
