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Are all Bank Loan Documents the Same?

A loan agreement is a legally binding contract. If you do not abide by any of the terms of the loan agreement, a lender can impose penalties. These penalties could include charging late fees; posting negative information on your credit report; repossessing collateral if you took out a secured loan such as a mortgage or car loan; or seeking a court judgment against you and potentially placing a lien on property or garnishing wages. It is imperative that you fully understand what you are agreeing to.. [Read More…]