Sunday, 11 November 2007

Loans - compatibility

One resorts to taking loans as a matter some pressing need or the other and it does help the borrower to take care of his/her immediate financial requirements. There was a time and still is in certain places where lending money to some one was to get himself mortgaged to the lender for life time. Now it is entirely a changed scenario.All the banks are all the time in competition with each other to secure a biggest possible number of borrowers on a competitive rate of interest which in case is always less costly compared to private money lenders.Online offers for giving loans are in plenty.
During my experience of working in Banking Industry for 3 decades+, I have seen that loans are not always taken for pressing needs like weddings,medical treatment or to consolidate the sundry dues otherwise croping up routinely but there are people who go for it to make their life style more full of grandeur.That type of approach is something that spoils the future of the loanee as once a loanee, always a sufferer,because the loan amount compounds by leaps and bounce.Loan is a great relief in emergent situations but it takes no time for it to assume a graver proportion if it is misused and is not paid within stipulated time schedule.Loans
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