Chapter 13, Problem 3CR

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Loans that are backed by the borrower’s “promise” to repay are known as _____ loans, whereas loans that are backed by a tangible asset are known as ____ loans. (13-1)

To determine

**To fill:** The blanks provided for the statement, “Loans that are backed by the borrower’s “promise” to repay are known as _____ loans, whereas loans that are backed by a tangible asset are known as _____ loans.”

Explanation

Unsecured loans are termed as the loans issued by the borrower’s promise to repay, excluding any type of collateral.

These loans have a high risk as compared to the secured loans. They are free from tangible assets. They can be acquired without the use of the property. They consist of high-interest rate.

Secured loans are termed as the loans which the borrower acquires in place of a tangible asset. It may be a car, home or boat...

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