Borrowing and Lending – The Beauty of a Struggling Economy

images (13)News of a struggling economy is not always bad news. There are a number of advantages to living in a downturn.

Whether one is actually negatively impacted by the economic situation or not, fear of the unknown often motivates an individual to learn to “Live for Less”. It is beautiful when we decide that we are going to find new and creative ways to cut our living expenses.

One of the most practical lessons I have learned in the past months is that you do not have to own everything! Why purchase things that you will only use once? Why purchase large quantities of items you will never use?

We are very fortunate. We are best friends with the couple living one house south of us.

We share so many things. From spices to milk to tools to wireless internet! It saves both of us a ton of money and it seems to draw us closer together in our relationship when we depend on one another.

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Borrowing and Lending - The Beauty of a Struggling Economy
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Subprime Mortgage Lending – Expanded Guidance

web.Expert-lending-V3In June 2007 the federal financial regulatory agencies together issued a Statement on Subprime Mortgage Lending.  This statement contained references to an earlier document issued by the Comptroller Office’s for Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision.  The latter document, the 2001 Expanded Guidance for Subprime Lending, is recommended unequivocally by the agencies as the defining document to which lenders should turn to find the criteria for considering a borrower “subprime”.

Even in the late 1990s, subprime lending was becoming more and more of a problem. The 2001 Expanded Guidance was an expansion of earlier statements about this issue. The agencies’ focus was the responsible use of subprime lending to assist subprime consumers to win back their credit ratings. Regaining lost credit would enable these people to enhance their financial situations.  At the same time, the agencies stressed that lenders who assume a greater risk by lending to subprime individuals must also show evidence of ability to maintain their duty of upholding the public’s trust in financial matters.  It is the lender’s responsibility to assess most carefully whether or not the borrower is likely to be able to repay the debt incurred.  Painstaking effort is required to create strict rules of underwriting to assist in such assessment. Only when controls like this exist will both borrower and lender enjoy minimized risk of loss.

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Subprime Mortgage Lending - Expanded Guidance
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Peer to Peer Loans – Aviod Banks and Get Easy Loans with P2P Lending

peer-to-peer-lendingAre bank loans expensive?

Well, yes! You not only pay the premium amount but also a heavy interest along with it. The arbitrage that banks earn on the difference between the interest rates for depositors (4% on Savings Account) and loan rates (>20%) is huge! The money that banks make through this process goes to operations, which are primarily capex heavy. With multiple branches across cities, infrastructure for all sites, marketing and other related costs, banks are bound to charge high for loans. So, you end up paying excess money which is a huge loss!

Get cheaper loans with P2P Lending!

P2P lending is an online model that facilitates borrowing and lending, where both the parties are in a win-win situation. Striking a deal becomes easy, with cheaper loans (<20%) and great returns on investment (>4%). Peer to peer loans are the easiest to avail with justified interest rates. P2P lending also enable investors earn a profitable returns by investing in creditworthy borrowers.

Loans with banks become expensive for borrowers as it entail high charges like processing fee, late payment charges, pre-closure charges and many more fringe costs. On P2P lending, most of the charges are minimal and justified. In order to induce a culture of good credit behaviour, no pre-closure charges are levied on borrowers. This makes the whole process of borrowing and lending a pleasing one!

Not only do you get cheap loans but also loans at a fast pace. With an impeccable verification process in place, peer to peer loans are one of the fastest ways of getting immediate cash. Not only this, you can also avail loans for lesser amounts (less than 1 lac), which is seldom allowed by banks. Borrowers also get short loan terms for 6 months and 12 months!

P2P lending is a platform that makes the whole process of borrowing and lending time and cost effective! With the whole process being online, right from registration, sending loan requests, receiving loan offers, to accepting loans, all at the convenience of your house!

Specializing in P2P lending, i-lend has been instrumental in introducing the concept of peer-to-peer loans in India. An online lending platform, i-lend allows borrowers and lenders to interact and mutually settle interest rates. From small personal loans to education loans to healthcare loans, there is a loan for every need at i-lend.

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Peer to Peer Loans - Aviod Banks and Get Easy Loans with P2P Lending
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