Stringent Checks Should Be Implemented

I am sure that most of us are bogged down with debts. How can we not be when it is just so easy to get a loan? When we need to buy a car or a home, we need to get a loan because most of us can’t afford to pay cash. Taking out a home loan is a great burden to us but then when we want to buy a house that is what we have to go through. That is why it is always important to check out cheap mortgages and see what fits our requirements the most. Perhaps we could save a considerable amount of money!

Do you know, many of my friends have taken out personal loans just because they CAN? They think nothing of spending first and then repaying at the end of the month and most of them CAN’T repay on time because they have mismanaged their finances. It’s hard to feel pity for them, right?

There was once when my dad wanted to apply for a secured loan to get a sum of cash to expand his business. He wanted to use our house as collateral. We objected because if he failed to repay the money to the financial institution, we would be without a home. That is a scary thought!

I think that it is way to easy for people to apply for loans. Whether they are using it for something frivolous like a holiday or in an medical emergency, financial institutions should apply stringent checks so as not to cause further hardships to borrowers. What do you think?

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