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The word 'collateral' is correct and usable in written English.
It is a noun meaning something that is given to guarantee a loan and can be used in a variety of contexts. For example, "The bank asked for collateral before approving the loan application".
Exact(59)
Its efforts have a collateral benefit, too.
Her culinary skill was a collateral blessing.
"She's a sideshow; she's a collateral issue," he said.
The commission rejected that argument today, calling it a "collateral attack" on past rulings.
"It's not the purpose of it, but it is a collateral connection".
As a "collateral benefit," Kiehl throws in a free clinical examination of their brains.
"There's no question there's a collateral sales increase from being on the site," Ms. Kave said.
This is similar to the idea of a collateral exchange that I have blogged about.
"But having said that, there's a collateral benefit in that it raises the profile of variety.
Two years later he murdered Arses and made a collateral heir, Darius III, king.
Similar(1)
"Obviously the incentive would be for them to post triple-A collateral of lower quality to the Fed".
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com