Should you Take out a Loan from my Bank?
Should you take a loan from my bank?
It’s been a great year, you started a new job and bought a car. You will get a salary hike and that will cover all your bills. But if you don’t repay your loans on time, the bank may charge you a fine and you might be blacklisted in the credit bureau.
Yes, you heard it right, the loan shark is watching you. They have hired someone for stalking, they keep a check on your spending habits and if you spend too much, then you might end up facing this situation. They will give you a call, and you will have to pay the money you owe them immediately.
But if you don’t take a loan from the bank, you may not be able to buy the car and if you miss your repayment dates, then you may get blacklisted in the credit bureau.
Is taking a loan from the bank harmful?
The banks and other lending agencies offer loans to their customers. They will charge an interest and there will be a fixed repayment schedule. If you fail to make the repayment on time, then they can cancel your card and blacklist you in the credit bureau. In this way, you won’t be able to borrow again from any other lender.
The bank will take a huge chunk of money as a loan and if you don’t make the payments on time, you will have to pay a heavy fine. If you do not repay, the bank will issue a warning letter, and you will have to repay within a specified period.
What are the benefits of taking a loan from my bank?
There are a lot of benefits of taking a loan from the bank. The first and foremost benefit is that the loan is given at a lower rate of interest. The amount you have borrowed is lower, and the cost of repayments is low.
In case of a bankruptcy, you will not lose your job. You will not be denied any credit for years and you won’t be penalised in the credit bureau. If you default, the bank can take you to court and the courts may punish you in the best way.
Also read this Loan Modification Calculator-How to Modify Loan
Conclusion:
Taking a loan from the bank is beneficial in a number of ways. You will get the loan at a lower rate of interest, you won’t be punished for late repayment, and you will avoid being blacklisted in the credit bureau.
