what is the purpose of a lien when you get a secured loan?\na. to guarantee that borrowers know the annual…

what is the purpose of a lien when you get a secured loan?\na. to guarantee that borrowers know the annual percentage rate of interest on a loan.\nb. to make sure that borrowers are treated fairly in case they are sued at a courthouse.\nc. to make sure that bank credit card companies, such as visa and mastercard get paid.\nd. to let lenders take back property they financed if you dont repay your loan.

what is the purpose of a lien when you get a secured loan?\na. to guarantee that borrowers know the annual percentage rate of interest on a loan.\nb. to make sure that borrowers are treated fairly in case they are sued at a courthouse.\nc. to make sure that bank credit card companies, such as visa and mastercard get paid.\nd. to let lenders take back property they financed if you dont repay your loan.

Answer

Brief Explanations:

A lien in a secured - loan context gives the lender a legal claim on the borrower's property. If the borrower fails to repay the loan, the lender can take possession of the property to recoup the money lent. Options A, B, and C do not accurately describe the purpose of a lien in a secured - loan situation.

Answer:

D. To let lenders take back property they financed if you don't repay your loan.