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Loans & Lending Practices MCQs

How are borrowers affected by nonpayment of loans?

It helps bolster their credit report

They get a discount on future loans

They are offered additional credit by the lender

Their credit report begins to indicate late payments, reducing their ability to receive credit in the future

Answer

Correct Answer: Their credit report begins to indicate late payments, reducing their ability to receive credit in the future

Explanation:

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