before giving a loan to a customer, a lender examines the customer’s credit report. which explains why the lender examines the customer’s credit report?

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08-12-2022
Business

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before giving a loan to a customer, a lender examines the customer’s credit report. which explains why the lender examines the customer’s credit report?

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Asmasaadatkhan Asmasaadatkhan · Answer 1 · 2022-12-14T21:59:48+01:00

Before giving a loan to a customer a lender checks the customer's report to determine the likelihood that the borrower will repay the loan.

A loan is when money is lent to another person with the understanding that it would be repaid, along with interest. Before agreeing to provide a borrower with a loan, lenders will take into account the borrower's income, credit score, and degree of debt.

Anyone who makes money accessible to a person or company with the intention that they would pay them back is referred to as a lender. This can be an individual, a public or private organization, or a financial institution. Payment of any interest or fees is considered repayment.

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