There are various instances when the lender gauges your personal credit score while approving funds for business purposes. These include.
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Also Read: STEP BY STEP GUIDE FOR CHECKING YOUR CREDIT SCORE
Regardless of the type of loan product, your credit score is extremely vital. If you own a business and need money for it, you must ensure that both your personal credit score as well as your business credit score are excellent. It is always good to maintain high credit scores as it impacts many different facets of your finances.
The meaning of Credit Appraisal is the process of evaluating a borrower's financial stability, income, debts, and repayment capacity to determine their eligibility for a loan. It helps lenders assess the risk involved before approving credit.
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