• electric_nan@lemmy.ml
    link
    fedilink
    English
    arrow-up
    1
    ·
    4 months ago

    Yes, I understand what collateral is. It’s something the bank owns, but allows you to use until you’ve paid it off. For example, the bank keeps the title to my car until I’ve paid it off, and then they send me the title.

    • rekorse@lemmy.world
      link
      fedilink
      English
      arrow-up
      2
      ·
      4 months ago

      You know what, the way you said it this time just really clicked. I now also hate banks. Good talk.