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Whenever a person faces a financial crunch, needs money to purchase any asset, or faces any kind of monetary problem, getting a loan is one solution. Although it is always said that a person should limit his or her expenses to his or her pocket, there are instances in which a person needs to borrow money from others. Whether money is borrowed to fund education, to set up a business, or to purchase a property or an automobile, every person needs to borrow money at some point in his or her life. Depending on the need behind seeking the loan, loans can be classified as mortgage loans, auto loans, personal loans, home equity loans, business loans, educational loans, and others. Banks and financial institutions are ...

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