borrower eligibility

Borrower eligibility refers to the criteria a person must meet to qualify for a loan or credit. This typically includes having a stable income, a good credit history, and a manageable level of existing debt. Lenders evaluate these factors to assess the borrower’s ability to repay the loan. Other considerations may include age, employment status, and residency. Meeting these requirements helps lenders determine the risk involved and decide whether to approve the application. Essentially, eligibility ensures the borrower is capable of handling the financial obligation and increases the likelihood of loan approval.