26-06-2024
Business

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Question 9 of 10

A financial institution that makes loans using a borrower's car as collateral is called a

A. retail bank
B. payday lender
C. credit union
D. title pawn lender

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Answer :

GinnyAnswer GinnyAnswer

26-06-2024

Final answer:

Title pawn lenders use a borrower's car as collateral for loans, holding the vehicle's title until the loan is repaid, often with high-interest rates.

Explanation:

Title pawn lenders are financial institutions that provide loans using a borrower's car as collateral. They operate by holding the vehicle's title until the loan is repaid. These lenders often charge high interest rates due to the risk involved in this type of borrowing.

Learn more about Title pawn lenders and collateral loans here:

https://brainly.com/question/40601532

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