What are borrowing limits for loans?
An example of an AI chatbot conversation about borrowing limits for loans.
What are borrowing limits for loans?
Borrowing limits refer to the maximum amount a lender is willing to provide to a borrower based on various factors.
What factors determine my borrowing limit?
Factors include your credit score, income, debt-to-income ratio, and the type of loan you're applying for.
Can I increase my borrowing limit?
Yes, you can potentially increase your borrowing limit by improving your credit score or providing additional income documentation.
What happens if I exceed my borrowing limit?
Exceeding your borrowing limit can lead to loan denial, higher interest rates, or additional fees.
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