Why are terms of credit required for a loan or credit?

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(i) Terms of credit are required so that the borrower knows the conditions to take the loan.

(ii) The collateral, in the form of security or guarantee, is given to the lender until the loan is repaid.

(iii) If the borrower fails to repay the loan, the lender has all the rights to sell the assets or collateral to obtain the payment.

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