THINK BEFORE YOU LEAP!
General Definition for a Loan:
The money borrowed from a Lender is a loan gotten and given respectively.
Definition in reality:
For a borrower: The expense or desire that could not be afforded with your regular income
For a Lender: Another permanent addition into revenue of Bank
Bitter Facts:
When an amount on any form is borrowed by a person or company it has so many hopes to pay it back very easily or it would be a small part of the organisation's profit. In fact, more than 80% of hopes fail and the result comes up with keep paying the interest on the loans and still remains a debtor for a bank for the same amount. There are a lot of plus plus into your loan amount by the passes, like penalties, late fee, interest and other additions to your account.
While borrowing a loan, borrower looks at the small monthly payment comparing to the one big amount, on the other hand, lender is after the double or more returns of their lending from the borrower within specific time, along with the additions they might be able to add by any chance.
In the next post I would like to discuss the easy ways where a borrower has better way to pay it off than filing a bankruptcy....
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