1. To provide the lender with information about the borrower's financial situation, credit history, and ability to repay the loan.
2. To demonstrate to the lender that the borrower has a legitimate need for the loan and a clear plan for how the funds will be used.
3. To help the lender assess the borrower's creditworthiness and determine the appropriate terms and conditions for the loan.
4. To establish a legal agreement between the lender and the borrower outlining the terms of the loan, including the amount borrowed, interest rate, repayment schedule, and any collateral that may be required.
5. To facilitate the approval process and ensure that the borrower receives the funds in a timely manner once the loan application has been approved.
What are the main objectives of the loan application
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