The extension of credit in a secured credit requires the purchaser's pledge to some personal property as collateral for the loan.

Question

Quizplus · Accepted Answer

This is true. In a secured credit, the borrower (purchaser) must pledge some personal property as collateral in case they default on the loan. This provides the lender with some assurance that they can recoup their losses if the borrower does not repay the loan.

The Extension of Credit in a Secured Credit Requires the Purchaser's