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Which of the following describes an unsecured loan?
Balloon payment of the principal at the end of the loan period
No requirement that the borrower put property - such as a car or a house - as c
O Borrower pays less interest than a secured loan
Requirement of some property as collateral such as a car or a house
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Answer :

GinnyAnswer

Final answer:

An unsecured loan is a type of loan that does not require collateral, providing benefits to borrowers.


Explanation:

Unsecured loan: A loan that has no collateral serving as a backup. If the borrower defaults, the lender has no other options. The advantage to the borrower is that none of his or her other assets can be seized (or "repossessed") in the case of default.


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