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Does paying an application charge guarantee approval?
A charge can relate to a service or process without creating an obligation to lend.
Read who receives it and exactly what the written terms say it covers.
Verify the organization and conditions before payment. Do not infer approval from a receipt, and do not accept a promise of guaranteed lending as a substitute for a documented assessment.
Prepare your application document list
Definitions
- Security
- Asset or interest supporting an obligation under the agreement, with consequences determined by its terms and applicable law.
- Guarantor
- Person who takes on obligations described in a guarantee; the extent of liability must be read in that agreement.