Loan is a kind of debt, which entails relocation of finances and assets through time. This is being done between a lender, who has an abundance of extra money, and a borrower, who lacks cash. Borrowing or applying for a loan does not necessarily mean that the borrower is poor or unfortunate. There are times when borrowing is a necessity rather than a vice or sign of misfortune. This is because there are inescapable and unexpected situations when you would need instant cash, like in times of emergency or life and death situations.
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Loans can be used productively for investments like housing development, buying automobiles or cars, educational financing, and even research developments. On the other hand, loans are commonly used for mundane things like shopping, travelling, and many more. Availing for loan can come in different forms as well, like in the form of credit cards, cash advances and the like. Therefore, there is no definite purpose we can pinpoint to what purpose loans are being directed or used. This is because loans are being used in a very comprehensive array of reasons.
Since loans are broadly being used by people to purchase for a wide variety of goods and services, developments for these are essential as well. Banks also need to cope with the ever rapidly changing economy. Hence, some original principles of lending and financing need to be modified too.
Well in fact, some principles and doctrines of lending have been altered already. The changes are, of course, attributed to the recent economic developments that the world experienced like the recent economic rollercoaster across the globe and other financial crises. Some of the principles that have been altered are the requirements for applicants, forms of loans, payments scheme, and many more.
In terms of the requirements for loan applicants, documentary requirements are much encouraging recently. This is because the set of requirements nowadays are reviewed and condensed. Unlike before that bank will never offer a loan to anyone who does not have stable source of income, financial institutions now even offer loans for the unemployed.
On the other hand, the types or forms of loans being offered are no longer similar to the forms being offered in the old times. Nowadays, loans are differentiated whether secured or unsecured loans. The secured loan is the usual form being offered before. This kind of loan refers to any debt that required collateral or any type of consideration where the borrower have to pledge some assets so that his or her loan application will be approved the fastest time possible. The unsecured loan, on the other hand, is the new kind of loan being offered recently. This kind of loan refers to a monetary debt that no longer requires initial assurance that the loan will be paid back in due time. This loan can be in the form of a credit card debt, overdrafts, bonds or personal loans with fast approvals.
The unsecured loan is becoming more and more popular in the recent years, maybe because lots of people need instant cash, but do not have the financial credibility to apply for conventional loans. Furthermore, unsecured loans are more convenient since people can apply online. The loan can also be remitted directly to the applicant's savings account in just few hours.
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