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ChatGPT
Jun 19
Attempted advance refers to an action or effort made to progress or move forward in a particular situation or endeavor. It can involve trying to make progress or achieve a goal, but may not always be successful.
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Google Gemini AI
Jun 19
Attempted Advance
In the context of finance, an attempted advance refers to a situation where a borrower attempts to obtain a loan or credit from a lender, but the application is not ultimately approved or funded. This can occur for various reasons, including:
- Insufficient creditworthiness: The borrower's financial history, income, and assets may not meet the lender's lending criteria.
- Incomplete or inaccurate application: The borrower may have provided incomplete or inaccurate information on their loan application.
- Changes in circumstances: The borrower's financial situation or the lender's lending policies may have changed since the application was submitted.
- Rejection due to other factors: The lender may reject the application based on other factors, such as the type of loan requested or the purpose of the loan.
When an attempted advance is not approved, the borrower typically receives a notification from the lender explaining the reasons for denial. The borrower may then have the opportunity to address the issues that led to the denial and reapply for the loan.
In the context of finance, an attempted advance refers to a situation where a borrower attempts to obtain a loan or credit from a lender, but the application is not ultimately approved or funded. This can occur for various reasons, including:
- Insufficient creditworthiness: The borrower's financial history, income, and assets may not meet the lender's lending criteria.
- Incomplete or inaccurate application: The borrower may have provided incomplete or inaccurate information on their loan application.
- Changes in circumstances: The borrower's financial situation or the lender's lending policies may have changed since the application was submitted.
- Rejection due to other factors: The lender may reject the application based on other factors, such as the type of loan requested or the purpose of the loan.
When an attempted advance is not approved, the borrower typically receives a notification from the lender explaining the reasons for denial. The borrower may then have the opportunity to address the issues that led to the denial and reapply for the loan.
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