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From: Justin Jefferson
When I apply for a loan, it is usual for the lender to ask the purpose. I would like to know, what is it to them? I mean, if the capital is secured by a mortgage over sufficient real estate, and the repayments are secured, so far as they can be, by a secure income, then what does it matter what the purpose is?
Do lenders have a list of purposes they find acceptable? Or is the question in the discretion of the individual officer who has authority to approve the loan?
When I apply for a loan, it is usual for the lender to ask the purpose. I would like to know, what is it to them? I mean, if the capital is secured by a mortgage over sufficient real estate, and the repayments are secured, so far as they can be, by a secure income, then what does it matter what the purpose is?
Do lenders have a list of purposes they find acceptable? Or is the question in the discretion of the individual officer who has authority to approve the loan?
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