What Makes BankSocial Loans Asset-Backed?

Currently, the BankSocial DAO is supporting asset-backed loans. This means that the loans are backed by collateral. For example, the BankSocial DAO has approved Keep Your Crypto Personal Loans. This type of loan allows borrowers to use their crypto as collateral, receive a loan, pay interest payments on that loan, and then receive their crypto back when the loan is repaid, and the term is up. If the borrower does not repay the loan, the DAO can keep the collateral that was given at the start of the loan. This as an asset-backed loan.

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