Apart from those born into wealth with a silver spoon in their mouth almost every individual at some time or the other has a need for loans.
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 could see into the future and could see that we will never be out of work and will always have the same high salary right up to retirement that we have now we may feel different about loans and might prefer to sometimes to lift money from our savings instead.
If we could see that we will not suffer from a day’s illness we might again prefer to avoid loans, but we are not God, and the future is not ours to see.
Loans are money that we obtain from a loan lender to which interest is added to enable the loan lender to make money on the loan funds they have advanced.
Loans are really therefore an essential part of every person’s life.
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.
It is when the granting of all shapes and forms of loans reaches crazy lax proportions, and when those borrowing these loans receive the loans with no hope of ever paying them back that the economy of a nation collapses, and we all know all about this at present.
Loans play an important factor in a healthy economy, but prudence is the keyword for both the loan lender and the loan borrower.
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