Have you borrowed money from a lending firm or bank?
By djmarion
@djmarion (4898)
Philippines
February 24, 2011 3:24am CST
i receive a call from a lending institution yesterday asking if i want to avail for a loan, i badly need money for my father's medicine so i thought of grabbing the offer, i said "yes" to the agent and she sent me the application form through email and the list of requirements.
i have completed the form and i just finish completing the requirements few minutes ago, i even filed an undertime so i can get to finish my documents required.
Now I'm ready to send back the application form and my document and I'm crossing my finger that my application for a loan will be approve since i badly need it.
What i just don't like about it is the high interest rate of 3%, a loan from a bank only has 1-2% but it takes more than a month for the processing of application while this lending institution that i'm talking about has a processing of 6-10 days only.
So tell me about your financial situation, is there some point in your life that you also got the need of a loan? Have you been able to pay it all back?
4 responses
@Cherish14 (2693)
• Philippines
24 Feb 11
hi there. no i haven't but my sister has. she needed the money so bad so she had to. we know it was a bad idea but she had no choice and the interest was just so high. i try my best to save my money so i wont have to borrow money from anyone. i just dont want to add that up to my problems.
@suspenseful (40192)
• Canada
24 Feb 11
We had to get a mortgage when we bought our house and we had to go jumping through hoops as I was not working (that was back in the 70s and we were trying to get a baby, first on our own, and then adoption and besides I never had much luck working outside the home.) We did get the mortgage and my husband bought his cars through the bank. However he had a steady job, being the type who could go and get one the next day if he wanted to. And he had a skilled trade/ But if you do not have a steady job or a career that brings in a good wage, it is hard to get a loan at a low interest rate.
Oh back then the interest rate as about 10 to 18 percent.
@tkonlinevn (6438)
• Vietnam
24 Feb 11
You should calculate your finance carefully. If you borrow it and you can't pay it after that, it'll be hard for you.
I like to borrow a loan from a bank more than a lending firm because the interest rate is quite high.
@hemlockspruce25 (501)
• Philippines
24 Feb 11
Thank God that in times of financial crisis I am able to find means before I resort to my last option which is LOAN. Since I am a government employee, loans are paid through salary deductions. Anyway, one may choose the span of years to pay for the amount you borrowed. Usually, my friends would lend me money. So I'm really grateful. At least I paid it with 0% interest.. :)
