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How Can Lenders Identify Financial Distress in Borrowers Applications?

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How Can Lenders Identify Financial Distress in Borrowers Applications?

The pandemic struck the world suddenly and resulted in millions of job losses all over the world. The unemployment rate has reached an all-time high. People globally are struggling to handle day-to-day expenses. In the case of America, over 50% of American households in the 4 biggest cities report serious financial problems such as missed payments, late payments, or depletion of savings. During this time of great economic distress, the rate of loan fraud has also grown exponentially.

Source URL: https://www.atoallinks.com/2021/how-can-lenders-identify-financial-distress-in-borrowers-applications/

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