0
In todays world, that can be answered easily--No. But to get more technical, the general things that banks will lend money for are:
Starting a business (Companies such as SBA etc exist to help Small business owners going as well)
Getting a loan on a car
Loan on a house
Loans for things such as Jewelry, lines of credit etc are usually done through the company itself and you apply for a loan when going to make the purchase. It's largely like a credit card rather than an actual loan that you just pay off after X amount of months/years.
Also, getting a loan these days is a very hard thing to do. You need to have very good credit in most cases, especially when applying for financing on a car. And you also need to probably bring a co-signer with you that has good credit.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
What is the journal entry when you take out a bank loan?
Debit cash / bankCredit loan from bank
Where can one go to take out a homeowners loan?
You can go to take out a homeowners loan from your local bank branch. Almost every bank in the world offers this option, as well as loans for anything else you can imagine. The interest rates vary, so do your homework before deciding which bank to use.
How to pass journal entry if company take t he loan from bank?
debit cash . bankcredit loan from bank
I have an auto loan in my name can i get another auto loan in my name?
If you are already running a loan, then you can take a loan from another bank not from the same bank. If still you want a loan from same bank, then you can get on your parents name.
Why is a loan a liability for a bank?
The person or business may not pay the loan back and the bank has to take the loss
What is the journal entry when you take out a bank loan?
Debit cash / bankCredit loan from bank
Where can one go to take out a homeowners loan?
You can go to take out a homeowners loan from your local bank branch. Almost every bank in the world offers this option, as well as loans for anything else you can imagine. The interest rates vary, so do your homework before deciding which bank to use.
How to pass journal entry if company take t he loan from bank?
debit cash . bankcredit loan from bank
I have an auto loan in my name can i get another auto loan in my name?
If you are already running a loan, then you can take a loan from another bank not from the same bank. If still you want a loan from same bank, then you can get on your parents name.
If my husband owns a property with his ex-wife and they share the mortgage on the property am I liable for anything if he dies or defaults on the loan?
No. If he dies and defaults on the loan the bank's recourse is to take possession of the property by foreclosure. The bank has no claim against you.
How do you pass journal entry if company take the loan from bank?
debit cash / bankcredit loan from bank
Why is a loan a liability for a bank?
The person or business may not pay the loan back and the bank has to take the loss
Can a bank or mortgage co charge for anything before loan is closed?
No, because they haven't yet given you any money so you don't owe them anything. However they can and sometimes do take the first payment out of the amount of the loan.
What things can be forced to be repoed?
Anything that you might need a bank loan to get.
How do you pass journal entry if company take t he loan from bank includes interest?
debit bank accountcredit loan from bankwhen interest incurreddebit interest on loancredit loan from bank
How can you be an asset to the bank?
If you take a loan from the bank, then you become an asset to the bank. That is because, you owe money to the bank and the bank has all rights to take the money and the interest that you are supposed to pay for the loan from you. So any kind of money that is to be received by anyone is an asset and so similarly, a loan that people will pay back to the bank will be an asset to the bank.
Why do most people take a mortgage loan when they purchase a house?
They take the loan to purchace the house.Not many people have $400,000 + in their bank..Thus they borrow it from the bank.
