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It means that banks should lend to people that they expect to be able to pay it back. It is not responsible to loan money to someone who they know will have great difficulties in paying it back or not properly checking the ability of the person to pay. While the official may get some bonus for having made the loan, the bank will be highly unlikely to get its money back and this will also put the person who has got the loan under severe financial pressure as they attempt to make repayments. Some banks have loaned money to people and then been unable to get it back, leaving the bank in trouble and the person who loaned it in trouble. Banks should only loan reasonable amounts and to people who should be able to pay it back. So they should do full checks on who they are loaning to and only give them what they can afford to pay back. Not doing so is irresponsible.
What else can I help you with?
Is the cosigner the only one responsible on the loan?
The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).
What does securities lending mean?
Securities lending means the lending of securities from one person to another. People like to sell their borrowed securities quickly for a profit, then purchase their original security at a lower cost.
What exactly is a cash flow lender?
A cash flow lender is responsible for lending or not lending to perspective loaners. The "cash flow" part is referring to the cash flow that the loaner believes he/she will generate from the business, that they are subsequently borrowing the loan for.
What companies could have done to avert the predatory lending and sub prime lending?
To avert predatory and subprime lending, companies could have implemented stricter lending standards, ensuring that borrowers demonstrated the ability to repay their loans. Enhanced transparency in loan terms and costs would have allowed consumers to make informed decisions. Additionally, adopting responsible marketing practices that prioritize ethical lending over profit maximization could have mitigated exploitation of vulnerable populations. Regular audits and compliance checks could also help maintain ethical lending practices.
What do you mean by Loan IQ experience?
Loan IQ is commercial lending application developed by Misys
When was Center for Responsible Lending created?
The Center for Responsible Lending can be located by visiting their official site. Visiting their official site will provide information on their location and ways to contact them.
Is the cosigner the only one responsible on the loan?
The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).
What do BPLR mean?
Benchmark Prime Lending Rate
What does securities lending mean?
Securities lending means the lending of securities from one person to another. People like to sell their borrowed securities quickly for a profit, then purchase their original security at a lower cost.
What exactly is a cash flow lender?
A cash flow lender is responsible for lending or not lending to perspective loaners. The "cash flow" part is referring to the cash flow that the loaner believes he/she will generate from the business, that they are subsequently borrowing the loan for.
What do you mean by subvention in lending loans?
Desloge family St. Louis mo
What does labor lending law mean?
Labor lending laws are regulations that are designed to eliminate illegal discrimination in lending practices. As a result, lenders cannot discriminate people regardless of their race, color, national origin, religion, gender, handicaps, or familial status.?æ
What is business lending?
what is lending business?
Where can I get information about small business lending?
The most obvious place to find information on small business lending is the Small Business Administration at sba.gov. Another resource is your local bank. Local banks are very responsible and helpful to small businesses that are in the area. The final place to look for lending to a small business is peer-to-peer lending institutions such as prosper.com. This option is not as difficult or dangerous as many would have you believe and can be a great resource if other options are not available to you.
What do you mean by Loan IQ experience?
Loan IQ is commercial lending application developed by Misys
What does deemed responsible mean?
if someone is deemed responsible it means that people think that he/she is responsible
Statutory lending ratio?
There is no statutory lending ratio.
