<human>:  What are some common mistakes people make when applying for a loan?
<bot>: Some common mistakes people make when applying for a loan include failing to accurately report their income and debt obligations, overstating their income and assets, and failing to read the terms and conditions of the loan carefully. They may also submit incomplete or inaccurate information on the loan application, neglect to check their credit score before applying, or not compare various loan options to get the best deal.