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Why It’s Important for Your Credit to Pay Back Your LoanRepaying What You Borrow Is Critical to Maintaining Your Credit Rating

Why It’s Important for Your Credit to Pay Back Your Loan

Posted: March 4, 2013 by Rachel Shepard

Many reasons to apply for a loan exist, with the main one probably being that having this additional money simply allows you to make major purchases without saving up beforehand. Of course, loans eventually need to be paid back, and they generally come with predetermined repayment terms to which you must adhere. Failure to repay this money within the agreed-upon timeframe could lead to financial problems for you in the future. Therefore, it is vital that you work hard to stick to these repayment terms the next time that you take out a loan.

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