They get a certain interest rate paid back on the loan. For example, if you borrow $100 from a bank, and they charge an interest rate of 5%, then eventually you will have to pay back $105, giving them a profit of $5 (not taking into account inflation).
Some reasons why are because people are paying back student loans and people have to pay for bills and we are in a recession.
Yes, there are private loans from individual banks as well as loans from federal programs. The federal government has programs like the "PELL" or "Federal Direct PLUS loans" for people trying to get back into school. Some individual banks(including local credit unions) also make loans available for people who want to get back into school.
Most banks that offer loans offer auto loans as an option. Some banks that offer auto loans include US Bank, Bank of America, Nationwide Bank, and PNC bank.
Some banks that offer private loans include: Bank of America, Wachovia, and Wells Fargo.
There are numerous Canadian banks that offer home loans. Some of the banks that do include 'Royal Bank of Canada', 'TD Canada Trust' and 'Bank of Canada'.
Some banks do offer unsecured loans. You can visit the local banks in your area and ask them about unsecured loans and if they don't offer it they will be able to tell you who does.
Banks and building societies currently offer some of the lowest rate secured loans. Banks currently offering some of the best deals on secured loans at the moment include Halifax, HSBC, Santander, RBS, Nationwide and Metro bank.
Some banks that offer the best conditions for short term loans such as 30 day loans are Chase and 5th/3rd banks. Another thing to consider is a pawnshop if it is only for 30 days.
There are a variety of banks that offer these loans. Some are Scotiabank, Royal Bank, TD Bank and Bank of Montreal. All of these financial institutions offer savings account loans.
Yes! Some banks have discovered that boat owners are good candidates for loans. Upon this discovery, these banks dedicated specialized staff to handle their boat loan business.
Some banks that offer online home equity loans include the Royal Bank (RBC) and President's Choice (PC). In fact, most mainstream banks will have home equity loans and offer online services for them.
In the United States most national banks will offer private student loans. In Canada most federal banks like The Royal Bank of Canada and The Bank of Montreal also offer private student loans.