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Why do private lenders want the car or jewelry as collateral of borrowers?
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[QUOTE="Sherman198, post: 132287, member: 23031"] Yes that's it....No borrower can run or escape from the bank especially not when they already have your property with them. But let me tell you that, we still have some unprofessional or local money lenders, that if you want to borrow money, though not too huge amount of money, what they will do is, come to your house and measure the worth of your properties, like Gen, Tv, Fridge, AC, chairs and all, then you will bring a guarantor or surety, then they will borrow you the amount with interest. If you fail to pay back on time. After several ultimatum, then they will come to pack your properties worth the amount you borrow. [/QUOTE]
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Why do private lenders want the car or jewelry as collateral of borrowers?
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