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How does the value of my collateral impact my loan approval?
Curious about Collateral
The value of your collateral can impact your loan approval because the lender will assess the collateral to determine how much they can lend you. The amount of the loan offered will be based on a percentage of the value of the collateral. Generally, the higher the value of the collateral, the more you may be able to borrow. Additionally, the type of collateral may also impact the loan approval, as some types of collateral may be considered more valuable or desirable than others. Ultimately, the lender will determine the loan amount and terms based on their assessment of the value and quality of the collateral, as well as your creditworthiness and other factors.
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