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An application completed too soon before the start of your first term may not be valid. She told me if that was the case then I broke my agreement with her and that they would supposedly refund my payments and process my paperwork - and that I would be prosecuted. General credit information good and bad, such as information about individual credit accounts remains on your credit report for seven years. The lending institution provides the funds and terms, while the SBA guarantees as much as 80% of the loan principal.
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