Sentences with phrase «recourse if the borrower defaults»
Personal lines of credit are usually unsecured loans, which means that there's no collateral underlying the loan; the lender has no recourse if the borrower defaults.
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The agreement should also spell out the lender's recourse if the borrower defaults.
Not exact matches
If the borrower defaults, you do not have any recourse but the lending websites do send the debt to a collection agency to recoup as much as possible.
Recourse — If the borrower defaults on a loan, the borrower pledges all of their other assets to repay the loan.