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> the most popular credit these days is probably mortgage loan, and I haven't heard of those being given on a collateral, at least not to regular people buying
by icebraining 7y ago
> the most popular credit these days is probably mortgage loan, and I haven't heard of those being given on a collateral, at least not to regular people buying their first home.
In my corner of the EU, banks require a guarantor (or even two!), plus a copy of your salary slips. And plenty of people are simply not approved.
- village-idiot 7y agoAlso, mortgages are implicitly backed by the home itself. In the worst case scenario the bank can claim the property back and sell it to recoup their losses.