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A Question Of Character

The fifth C is sometimes the most important.

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This story appears in the August 2000 issue of Entrepreneur. Subscribe »

Q: For many years, I have heard of lenders relying on character as one of their criteria for making or declining loans. Can you tell me what is meant by character lending?

A: When the late American industrialist J.P. Morgan was asked what he considered the best bank collateral, he responded with a single word: "character." I agree with Mr. Morgan and add that character is who you are when no one else is looking.

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