Almost everyone in not only in the UK but throughout the civilized world except perhaps the most affluent people in society at some time or the other require a loan whether it is a secured loan or not.
Even those with plenty of money in their bank account often prefer to keep their bank balance healthy, feeling more confident in life in general safe in the knowledge that whatever life throws there will always be enough money in the bank to tide them over.
If we were God and could see the course of the life that lies ahead we may feel different but we are only fallible human beings who can quite suddenly suffer from an illness making it impossible for us to work.
Also no one with hand on heart can be 100% sure of their employment security, and as has been witnessed during this credit crunch redundancy can happen when we least expect it.
What loans are is money that we apply for to a loan lender and which he advances to us with interest placed on top of what we owe which forms the profit of the loan lender.
Loans are essential to the lives of a vast majority of people.
They are also an essential part of the life of a nation. Lending wisely and prudently borrowing what you can comfortably afford to pay is the basis of a healthy economy.
However when the granter of all forms of loans relaxes their underwriting criteria to such an extent that they forward loans to individuals without adequate means to repay these loans that credit crunches such as the one we are all experiencing occur.
Loans are a requirement of civilized society but both the loan lender and the loan applicant must make sure that the loan borrower can always afford the monthly secured loans repayments. It was the reckless lending of all types of loans and especially self certification mortgage loans that in fact precipitated the current economic crisis.
Even those with plenty of money in their bank account often prefer to keep their bank balance healthy, feeling more confident in life in general safe in the knowledge that whatever life throws there will always be enough money in the bank to tide them over.
If we were God and could see the course of the life that lies ahead we may feel different but we are only fallible human beings who can quite suddenly suffer from an illness making it impossible for us to work.
Also no one with hand on heart can be 100% sure of their employment security, and as has been witnessed during this credit crunch redundancy can happen when we least expect it.
What loans are is money that we apply for to a loan lender and which he advances to us with interest placed on top of what we owe which forms the profit of the loan lender.
Loans are essential to the lives of a vast majority of people.
They are also an essential part of the life of a nation. Lending wisely and prudently borrowing what you can comfortably afford to pay is the basis of a healthy economy.
However when the granter of all forms of loans relaxes their underwriting criteria to such an extent that they forward loans to individuals without adequate means to repay these loans that credit crunches such as the one we are all experiencing occur.
Loans are a requirement of civilized society but both the loan lender and the loan applicant must make sure that the loan borrower can always afford the monthly secured loans repayments. It was the reckless lending of all types of loans and especially self certification mortgage loans that in fact precipitated the current economic crisis.
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