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Once the bad borrower has been approved for the loan, they will need to sign a loan agreement, which outlines the terms of the loan, including the interest rate, repayment schedule, and any fees that may be associated with the loan. You can get a free copy of your credit report from each of the credit three major credit bureaus (Equifax, Experian, and TransUnion) once a year.
These platforms may be more willing to lend to unbanked individuals who may not qualify for a traditional loan. This means that there may be fewer protections in place to ensure that consumers are treated fairly.