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Borrowing (Applying for a loan: (must provide personal details,…
Borrowing
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Receiving money from a a person or financial institution in exchange for an obligation to pay back the money with interest at an agreed time
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Creditworthiness refers to the ability of a person to pay off a loan based on their saving and borrowing history
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Rights of a borrower:
Written agreement
Cooling-off period of ten days
Be informed of the APR(annual percentage rate)
Know the cash price and total credit price
Know the amount of instalments(years) and the amount of each one