Our sample consists of records of actual borrowers, some of whom repaid their personal loans substantially as scheduled and some of whom did not. Since these borrowers had al- ready passed through a selection process at the hands of credit men, the sample cannot be considered completely rep- resentative of the general run of personal loan applicants. The results may suffice to show whether or not credit men should have been more selective than they were, but they do not indicate whether they should have been less selective. There is no way of measuring what proportion of rejected applications would have proved satisfactory if accepted, and it is therefore impossible to.
