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n Higher rates of interest, which might considerably increase the price of borrowing.
The potential for falling right into a cycle of debt if unable to meet repayment phrases.
Possibility of shedding collateral in the case of secured loans.
Impact on future credit score scores if repayments are mis
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Step 1: Prequalification - Initially, you might undergo a prequalification process the place the lender checks your eligibility. This usually entails a gentle credit check, which does not impression your credit sc
