Loans in banks?

[italkcash]

So loans are generally harder to get now at days with the current credit crisis. Who here had extra difficult getting a mortgage loan compared to last year?

I know that the banks around my area are now tougher and require even more cash up front and a higher loan rate, just because they are scoring on the credit crisis.

[manojjonam10]

Yeah, its hard to get loans now. Many of the banks are not willing to provide loans without back up or a guarantee. Further the financial crisis had deepened making life pathetic for small traders.

[elvenrunelord]

I simply cannot get one today and I have great credit. They say I have to much credit and have over extended myself even though I am making my payments.

[giay]

This crisis is burdensome for most of us. I haven't tried getting any credit yet because I'm afraid that with this economic turmoil, it will be difficult to get one. Likewise to pay-off will be harder too.

[Ms_Margaret]

As per my current situation, I am already having 2 loans carrying on with me. And looking at the crisis situation, I would like to relax a bit now and concentrate on paying back on existing loan. Its not a greatest of time to take a loan.

Regards

[Technomart]

Yeah, its hard to get loans now. Many of the banks are not willing to provide loans without back up or a guarantee.

[Ms_Margaret]

If you cannot get a loan that meets your needs, re-evaluate your wants versus your needs. Many people will find that they can settle for less than they want most of the time.

[ricky028]

I agree with you that we should re-evaluate our wants versus our needs. Also it is very significant to prioritise your expenses. Though it is good from time to time to take a step back and really assess your life and analyse what you really need and what you really want.

[Evette Bobbi]

When banks make a loan, they increase the number of deposit liabilities against the number of reserves that they have. However, is this really creating money? When a borrower spends the 'bank credit money' entered into his account, the bank will lose an equivalent amount of reserves. If this is the case, why do many people say that what the banks do is a fraud? Making the loan is a valid risk to the bank and thus it should be valid for the bank to charge interest on its loans. Are the banks really charging interest on non-existing money?