Most single-payment loans are secured by collateral.
What is Collateral?
Collateral can be explained as money or property that is been used by the one who borrow of a loan as a guarantee that someone will repay.
This can be a personal assets especially for small business loans, hence, Most single-payment loans are secured by collateral.
Learn more about collateral at:https://brainly.com/question/14997152
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