What are the 5 Ps of credit, and how do they influence a lender's decision-making process when evaluating a borrower's creditworthiness?

Person: Evaluates the borrower's character and credit history. Payment: Assesses the borrower's ability to repay the loan. Purpose: Examines the reason for the loan and its intended use. Protection: Considers any collateral or guarantees offered. Perspective: Looks at broader economic conditions and industry outlook.