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Are borrowers and consumers required to complete a loan application? If so why?

April 26, 2017application borrowers COMPLETE Consumers loan

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Are borrowers and consumers required to complete a loan application? If so why?

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The loan applications either a mortgage loan or consumer loan are designed to collect basic information. No social security numbers or bank account numbers are needed. This information is helpful to the bidders in their effort to offer the best interest rate bid possible, based on your unique position of creditworthiness.