0
There could be thousands of reasons people borrow money. To buy a car, a home, to take a vacation, there are too many reasons why people borrow money to list here. Hopefully you got the jest of this answer.
There a numerous reasons for the borrowing of money but common ones are; home loans, purchasing of cars, insurance, purchssing of business companies etc.
People borrow money in generall because they either cant afford something or they have no money in cash, so they borrow from the bank, the disadvantage however is that you have to pay it back, and what people don't realise is that the bank adds interest to the overall payment if you pay it over a period of time which is not in the month requested by the bank.
Wiki User
∙ 13y ago
Wiki User
∙ 14y agoLoan is a form of debt, often with interest. There are several reasons why organizations apply for loans. Usually they borrow money to purchase a land, buy a building, or addition their company equipment. Often, applying for a loan is necessary because most organization will have limited money but their company projects have more than their money. Because of that they must take a look others sources of finance to help their finance. One of the sources of finance is bank loan. Bank will give loan to us according our financial company. If ours company to strong we can borrow more if not we have limited money to borrow.
Wiki User
∙ 12y agoThere are many reasons people take out loans such as family vacations, debt consolidation, buying a car, car repairs, medical expenses, etc.
Wiki User
∙ 11y agoWhen you borrow money is because you don't have money and you can borrow money and then you have to pay them back of how much you borrow from them.
Add your answer:
Earn +20 pts
Who has the power to borrow money on behalf of the US?
the executive branch The legislative Branch can borow money on the credit of the u.s.
Which president had to borrow money to attend his inauguration?
George Washington, otherwise a rich man by the standards of his time, was so land-poor that he had to borrow money in order to travel to his 1787 inauguration in New York.
Why is the name for a ballot question that asks voters if they want to borrow money?
Bond issue
When you buy a US government savings bond youre doing so?
borrow money
Who did America borrow money from during the Revolution?
it issued government bonds and securities
Can I borrow money from a lawyer?
Well, you can borrow money from anyone if they agree to loan it to you.
Can you borrow money from your pension plan?
Can you borrow against money from your pension plan?
Why do farmers borrow money from the money lenders?
farmers have to borrow money to purchase seeds,fertilizers and pesticides.
When you buy U.S. government savings bond your doing so under the power given to the congress to?
The power that is given to congress is the ability to borrow money.
The best time for people to borrow money is when?
this is from social studies.the best time for people to borrow money is when
When you borrow money do you incur debt savings budgets or assets?
When you borrow money you incur debt.
Can states borrow money?
yes. states can borrow money from citizens through government bonds
Who decides how much money the government has to borrow?
Nobody decides how much money the government has to borrow. When the government wants to borrow money it has to issue or create debt with the US Treasury.
Can state governments borrow money?
yes state can borrow money from union and even outside the country
Condgress can borrow money by sellings US savings bonds?
congress can borrow money from the saving bonds
Can you borrow money from your IRA?
No
How do you borrow money from your mothers revocable living trust?
You don't borrow money from it. Only your mother can make the loan.
