What is the primary benefit of having a good credit score when applying for a loan?

A) You receive free gifts from the lender.

B) You are more likely to be approved and offered lower interest rates.

C) You don't need to provide any collateral.

D) Your loan will automatically be paid off faster.

Explanation

A good credit score signals to lenders that you are a responsible borrower, making them more willing to approve your loan and offer more favorable terms, such as lower interest rates and better repayment conditions.

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