The Graduation Gift

For the Filipino family, there can be no greater legacy than a good education.  Nothing makes parents and grandparents more proud than seeing their young ones marching up the stage for the commencement exercises.  Filipinos will move heaven and earth to see the education of their young ones through.

And this is exactly what Maritess was thinking as the graduation of her beloved granddaughter and namesake Tessa drew near.  Tessa is taking her Bachelor studies in Secondary Education, and is set to graduate among the other top notch students of her class.  Maritess wants her granddaughter to know how proud she is of her.  Despite the fact that their only source of income is from a PUJ they own, Tessa was able to not only complete her studies, she was also able to rank among the best and brightest of her batch.  Maritess wanted the graduation to be special, which was why she decided to take out a collateral loan, so she could make sure that the event really is special and she would have the means to make it so.

The long, hard road

Expenses for any kind of education is never easy.  Even if there is some sort of assistance for the tuition fee, there are also other expenses that will definitely pose a problem for those with relatively limited income.  To say that financing Tessa’s college education was not easy for Maritess is putting it mildly.  Fuel costs and maintenance expenses were all major expenses for their PUJ, cutting into whatever boundary they could raise at the end of the day.  Maritess, however, was completely decided that Tessa will have the opportunities she didn’t have growing up, and these opportunities could only become a reality if Tessa could complete her college course.

For her part, Tessa really threw herself into her studies, making sure her grades were consistently well above the average.  Tessa promised herself that she would make all their sacrifices count for something, and that something would be to make her grandmother proud of her on graduation day.

Keeping hope afloat

Maritess never had an easy life.  She had to be self-reliant at a very early age, and from there, she learned value of hard work.  Despite being a hard worker, Maritess didn’t have much in the way of opportunities, since she didn’t have much schooling to speak of.  This is why she promised herself that she would do whatever it took to make sure Tess had a good education to help her along the way.  With Most of her education done, Tess was well on her way to facing life’s challenges, but thanks to a good education, Tess may have much more opportunities than Maritess ever had.  All they had to contend with now is the graduation fee.  With their only significant income coming solely from the earnings of their PUJ, Maritess had to consider getting help in paying the fee, which led her to try taking out a loan.

Not knowing if any institution would actually consider giving her a loan, Maritess was determined to keep on looking for a lending company that could help in her need, which she happened to find in GDFI.  Because it was her first time to try taking out a loan from a legitimate lending company, Maritess could only hold onto a slim hope that she would know the right things to say so the company would approve her loan.  Maritess simply decided to be as straightforward and as honest as possible, because one of the few lessons she remembered from her limited schooling was that “honesty is the best policy”, and thankfully, it did help her.  Telling her story that their main source of income is from their PUJ, the GDFI representative was able to suggest that she use their PUJ as collateral for taking the loan, which Maritess quickly agreed to, seeing the solution to making sure that her dream of seeing her beloved granddaughter graduate with honors becomes a reality.

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Dispelling desperation and disregard

Sometimes all it takes to turn a man’s hope into desperation is indecision.

Lending companies are institutions that provide hope to those who had tried taking out loans elsewhere, such as banks, and got rejected.  It is, therefore, a fact that many of those who come to lending companies do so while either clinging onto their last strand of hope, or are already near the verge of desperation.

Such was the case when Manolo came to GDFI one day to try to secure a loan to help him in the emergency expenses involved with his son getting sick.  Manolo was visibly stressed and shaken, as his son Miguel had contracted dengue was in serious need of medical attention, but as he had no immediate cash to spare, Miguel could not get the immediate medical care he needed, pushing Manolo to the verge of desperation.

A cry for help

Desperate men have very little time for logic and procedure, and even less time for waiting on policies and procedures.  Manolo had been to other institutions to try and take out a loan, but he had to go elsewhere as the waiting period was simply something he could not afford to go through, considering that the longer he waits, the more serious Miguel’s condition becomes.

Manolo himself, as it turns out, has a history of heart issues, and the more stress he got as he tried to secure a loan in order to get his son medical treatment, the closer he got to needing a doctor himself.  Manolo was clearly someone who really needed help fast, as his situation was steadily going from bad to worse.  He had been already rejected in two other institutions, and what he desperately needed was a spot of good news to help him cling to hope.

A ray of hope

Incidentally, Ray, one of the representatives who works at GDFI, had a very similar experience several years back before working for GDFI.  His own son had met an accident and needed immediate medical care, and as he was severely strapped for cash, he had to go to a lending institution for the money.  Had it not been for the timely processing and approval of his loan, his son would probably not have survived the incident.  It was therefore a fortunate turn of events that it was Ray who got to interview Manolo about the loan.

Ray understood that Manolo was literally at the edge of his wits, and some of his answers could have been interpreted as grounds for rejection, but Ray chose to try to calm Manolo down and assure him he would do his best to help him.  After a little while, Manolo was able to give more cohesive and acceptable answers during the interview, and his loan was promptly approved, just in time to get his son Miguel the treatment he needed.  The doctors told Manolo had Miguel not received treatment just a bit longer, he might not have survived.  Ray was indeed a ray of hope in the case of Manolo, who just needed someone to reach out and try to understand him through his desperation.

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Life lessons from a hard working mom

Doctor Santos runs a successful private clinic of her own, and she juggles this medical practice with being a supportive mom to her son, also studying to be a doctor himself.  It wasn’t always like this for the good doctor, however.  Running and owning her very own clinic was one of the hardest and bravest things she ever dared do.  While her colleagues all admired her for her courage to go into private practice herself, they also warned her that it wouldn’t be easy.  She would have to compete with both the more established private clinics and the hospitals as well, both of which had better equipment and locations than her at the time.

 

To say that it would be a really difficult road ahead for her was putting it mildly.  Doctor Santos, however, would not let her dream die.  She dreamt of owning and running her own clinic, one that she could share and eventually pass on to her son when he finally became a doctor himself.  Doctor Santos was always resourceful, and she knew she would find a way to pay for her clinic.

 

Resourcefulness always pays off

 

Although Doctor Santos was a hard worker, she wasn’t someone with unlimited funds.  During the times that she needed to make ends meet and income was not as forthcoming, she relied on her resourcefulness to cover the expenses.  It was because of this resourcefulness that she learned of reputable lending institutions.  Deciding to try out the options she may have at these lending institutions, she did her research and found GDFI, and since then, she has been in good standing with the lending institution for almost 6 six years.

 

Being a very resourceful person, Doctor Santos knows the importance of reliability, particularly when the need is great.  For her, being reliable does not only mean that you are available whenever you are needed, but that you are also able to meet any and all needs required of you, qualities she found in GDFI.

 

Passing on the tradition

 

Doctor Santos knows just how essential resourcefulness and reliability can be to people, whether it be for people who need you, or if you happen to be the one in need.  To underline this fact, she even got her son his own car, courtesy of a car loan from GDFI.  She knows how difficult it is to be a student these days, with the daily commute becoming even more hazardous and tedious, so she decided to get her son his own car.

 

Doctor Santos wanted her son to realize that reliability should also come with a healthy respect for responsibility, and getting the car loan also happened to be an excellent way to show responsibility is something we need to cultivate in ourselves everyday of our lives.    Being in a profession where lives are sometimes in her hands, Doctor Santos knows the importance of doing everything with a sense of responsibility, a lesson she imparts with her son every day, and also a quality she expects from those she maintains relationships and dealings with.

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The indomitable spirit, the inseparable family

Time shared with family are what makes for the best memories.  For many Filipinos abroad, these sweet memories are the only things that keep them warm on cold winter nights, and strong through trying times in faraway countries.

One such example is Luis.  Luis is what is traditionally called a veteran seaman, having been on numerous trips already, and is still expecting to go on many more.  He is in good standing with the company that hired him, given that he is a hard worker, and he has become quite adept at the tasks expected of him while on board.

Luis says he owes it all to his family.  They gave him the strength of will and mind to survive the times when trips seemed quite difficult and dangerous.  Luis recalls how his presence of mind not only allowed him to ensure his survival while on board a vessel in the middle of a storm, but also that of a few other crew members as well.  Luis knew that without him, his brother and sister might not be able to complete their schooling, and he has promised their father that he will see them through to graduation, no matter what it takes.

The bond of love and strength

Luis says family is what defines his personality and how he views life.  He believes that if a person is driven enough, he could hold on right through times when no one is expected to pull through.  He says his fellow seamen are impressed with his dedication to family, and try their best to emulate his spirit when it comes to struggling through difficult scenarios in life, be it at work or at home.

Luis makes sure that just before each trip, he gathers the entire family to spend quality time with them.  Seeing as how his brother and sister did well during their last schoolyear, he decided to take the entire family on a trip to Palawan, to enjoy the sights and sounds that they have only heard of in stories and seen in pictures.  His only concern was that he realized he would definitely be short on cash for the trip, as he had just paid for the improvement and repair of his mother’s small canteen, a source of income for the family when Luis is unable to immediately send money.

When in need, expedite

Luis, however, knew he could rely on his status as someone in good standing with his employers to help him secure a loan.  After consulting with GDFI, and after a quick check on his credentials, Luis was able to secure a loan to get the money he needed to bring the entire family to Palawan for a quick vacation just before he ships off again.  Seeing his family happy and together is all the motivation and morale booster that Luis needs to keep him going at top form and in good spirits, regardless of the challenges that lie ahead of him.

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The true meaning of strength

Admitting to weakness and failure is a bitter pill for anyone to swallow.  This goes double for people who have always been self-sufficient and have prided themselves in getting to where they are because of their own effort and drive.  Things, however, don’t always go as planned.  Unfortunate incidents can happen, and will happen, to the best of us, and sometimes the ones that are hardest hit, are those who have great difficulty in admitting they need help.

This is how it is with Alfredo.  Alfredo grew up in a family struggling just to stay alive.  His father sold fruit at the market, but these were only the castaways when the best harvest, and the most expensive, were already taken by those who could afford it.  This meant that whatever his father made was barely enough to feed him and his brother.  This hard living taught Alfredo the importance of striving to the best of his ability, and although he wasn’t able to finish college, he was able to start a small business of his own, which eventually made enough to allow him to live decently, in a small house in the metro, and marry the woman of his dreams whom he met during his first year at college.

A series of unfortunate events

Tragedy, however, happens to the best of us.  His father had passed away due to complications arising from cancer, a condition which his younger brother apparently inherited.  Although his younger brother was able to finish college, he was never able to get regular employment because he was constantly sick, and it fell to Alfredo to pay for the mounting expense of his younger brother’s medication and constant visits to the hospital.

To make matters worse, a recent typhoon devastated his small business to the point where recovery would be immensely expensive.  Having used up almost all of his savings for his brother’s treatment, Alfredo now had to contend with the possibility of losing his business, the sole source of his income, if he could not bring it back up.  The small ray of hope he had was learning that his wife was now expecting, and although a baby is always a blessing, Alfredo knew that it also meant that they needed money badly.

Finding true strength

Alfredo grew up in hardship, and trials were not new to him.  Acknowledging he needed help, however, was almost completely alien to him.  He knew that the only way he could really be successful is if he only relied on himself.  Having grown up this way, he barely, if at all, needed help from anyone else.  The capital he used to start his small business came from slaving away day and night just to raise the needed amount.  Now he is on the brink of losing everything, and he doesn’t know if he has it in him to start from scratch.  After discussing the situation with his wife, he finally came to the realization that admitting he needed help is not a sign of weakness or failure, but actually a sign of true strength, because it showed he was willing to do anything to bring it all back up.

Alfredo learned of GDFI through friend who have had good results with the company, and he decided that if this is what it takes to get everything back up and running again, then this is what he will do.  Although hesitant at first, Alfredo knew he had to be completely transparent during the interview, and after a comprehensive interview, he had enough mental clarity to realize he still had something he could use for collateral, and he was able to successfully secure the loan he needed to get his business back up.  Alfredo also realized that just as his growing up years were also years of learning, so is this experience, as it taught him there was more to being self-reliant and strong than what he had known.

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Sailing through the storm

Following in the footsteps of our elders is a very common trait for most family, regardless of country you are from. This is even more evident when it comes to selecting occupations.  This is because many people bank on reliability more than they do on uncertainty, and if a member of the family has found relative success in a given profession, there is a large chance that other members of the family, even down the later generations, will choose to follow the path of success that their family elders have found.

Stormy prospects

Edgar chose to follow in the footsteps of his father Eduardo and his uncle Ernesto, both seamen who have traveled the world on the high seas.  For their part, Eduardo and Ernesto chose to seek their fortune on the high seas following the steps of their own father, which impressed upon Edgar the idea that their family has an affinity with the sea, and they may always survive what life throws at them, so long as they find work or a source of income from the sea.  Such was thought of Edgar and his cousin Edmund, both well on their way to becoming seasoned seamen in their own right, having been out to see on different contracts for years now.  Their entire town had been devastated by a recent landslide following a localized earthquake, and their farms and stores, used to supplement what they made at sea, were all devastated.  Edgar and Edmund were among the lucky ones, since they still had work even after the devastating event. Others, relying solely on the local businesses they had in their province, now face the very daunting task of rebuilding with whatever little they had left after the landslide.

While the event was a great tragedy for many, and even for both Edgar and Edmund, since their houses and personal property were all destroyed by the landslide, they knew that they will be able to rise above it soon enough, and once they do, they can also serve to help others in their community to also recover and rise up from the great tragedy.

Sailing on

Edgar and Edmund both had new contracts to fulfill on the high seas, and were both looking to the income they would make out of these new contracts to pull their families through the tragedy, but as it stands, they will definitely need money before they set off to rebuild everything that was destroyed by the landslide, particularly their houses.  They knew they just couldn’t leave their families to survive in the makeshift shelters offered to survivors of the tragedy, so they decided to look for possible loans to finance the immediate rebuilding of their destroyed homes.  A visit to the GDFI office gave the two seamen the hope they needed, as they were able to secure a loan, thanks to their solid new contracts, proving that they really were gainfully employed and could very well pay the loan they took out.  The two were able to leave their families with the assurance that all will be well and all will be taken care off, thanks to their hard work, and a little help from GDFI.

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The Fiesta for the Family

Filipinos are known all over the world for having closely-knit families.  Filipinos also happen to be immensely popular for the very colorful fiestas held all over the country during different times of the year, which also happen to be one of the best times for family reunions.  Family members that live apart really make the effort to get to the reunions held during fiestas, seizing the opportunity to take a much-needed vacation from work or from the usual hum-drum life in the metro.  Entire clans made up of smaller family groups even make a practice of assigning a different family to host the reunion each time. 

Unexpected turn of events

Sylvia knew full well that the current year meant that it was her family’s turn to host the clan reunion, which coincides with the local summer fiesta.  She was actually ready for it all, until an unexpected turn of ill fortune forced her to change her plans.  Her youngest son had the misfortune of contracting dengue, having been bitten by a disease-carrying mosquito while playing outside their house.  Although her youngest was able to make a full recovery after some time, her finances were severely drained, and her husband, currently working in another country, is not yet able to send a large enough amount to cover the expenses of hosting the reunion.  Although Sylvia had a very valid reason for declining to host the reunion, she was decided that she would exhaust all possible options before she would break the clan tradition practiced by her family for many years now.

A timely save

Although initially skeptical of lending firms and financing institutions, mainly because she believed the interests that go with the charges are unbearable, not to mention that approval must be extremely hard to get, Sylvia decided now is as good a time as ever to try it out and hope for the best.  Thankfully, she heard of GDFI from a friend who had tried out the company before.  A few talks later with the company, Sylvia was able to take out a loan enough to cover the expense of hosting the clan reunion.  The approval was made all the more feasible because Sylvia had a relatively new car she used as collateral, and Sylvia herself admits, the talks she had with representatives of GDFI did manage to change her views about lending firms.  She now understands that legitimate and reputable loan companies do exist in the country, with manageable requirements and terms, where you can get timely approval of your loan application in a very stress-free manner.

Reunions are also events worthy of great stories, and Sylvia believes that her experience with GDFI is worthy of being shared during the reunion, because through it, she can show that with enough determination and dedication to upholding tradition, especially one that involves family, any problem can be dealt with, and any issue solved.

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Your Lender Might Be Taking Advantage of You: Predatory Lenders Warning Signs

gdfi_6There is no shortage of desperate loan seekers during this period of harsh economic conditions and of course, unscrupulous lenders are everywhere. Indeed, they operate within the boundaries of Philippine real estate and lending laws but they take advantage of people through manipulation, pressure, deceit, and outright fraud just to get them to sign on the dotted line. They are the predatory lenders ready to pounce on the naïve and uninformed. These people resort to shady marketing schemes such as:

  • Distributing flyers by slipping them down on your doorstep or sticking them on electric posts
  • Direct mail form lending companies you never heard before
  • Distributing spam e-mails of their loan offers

So before you fall prey to any of these predatory lenders, take time to read the following warning signs that your lender might be taking advantage of you:

  • Predatory lenders are known for being smooth operators and fast talkers. The discussion may come off as more of a scripted spiel rather than a two-way exchange and you may have this feeling that what they say has been repeated many times over and becomes rote.
  • They slam you with hidden costs, and they do it when you are about to close the agreement when you cannot simply turn around and walk away. They use terms such as processing, documentation, and administrative or miscellaneous fees that could cost more than you bargained for.
  • The lender is adamant in pursuing you to sign the papers right away. Beware of high pressure tactics employed by lenders. You have 3 days to change your mind if you’re into refinancing and ask what if you do not lock your loan rate right away when getting a home purchase loan.
  • Many lenders offer a very low closing cost estimate but in fact, it’s just a lure for unsuspecting customers who will find it too late to back out with the closing statement delivered only a day before the loan settlement. They are then forced to pay the lender’s stipulated amount to avoid forfeiture of the property.
  • They tell you that “There’s no problem having bad credit.” Credit rating always matters when you apply for a loan. A good credit rating allows you to get favorable loan terms while a bad credit rating might lead you towards loan rejection. Sub-prime lenders or lenders specializing in making loans for those with bad credit often offer unattractive rates.
  • When the borrower opts for floating rates which fluctuate along with the current market rates instead of a lock-down rate, the lender sometimes tends to increase the rate more than what’s needed and often you realize it’s already too late to back out of the deal.
  • The lender encourages you to issue false statements on your application and argues that it is done regularly in the industry. Do not lie on your loan application and do not sign blank documents. If you encounter this situation, it is better back out and strike a deal somewhere else.
  • Your lender is way too strict with deadlines. Your lender may come up with loan discounts which will remain in effect as long as you make payments on time, but if they tend to be unmerciful even if your payment is delayed for just a day, then it’s a sign that they might be taking advantage of you. Before you take on discounts-for-on-time-payments loan deals, make sure you’ll be allowed a reasonable grace period during difficult times.
  • Predatory lenders pressure you to take on a loan you don’t understand or need. You should make a personal assessment on how much you can pay for a loan comfortably on a monthly basis. Never agree to enter a loan deal with payments that you cannot afford to make.
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2nd hand car loan: Things to remember when getting a 2nd hand car

gdfi_36

Getting your very first car is perhaps one of the most exciting and challenging things you could ever do in your life.  For many, it is the culmination of years of dreaming, saving, and searching for that one vehicle that you can finally call your very own.  The only problem is that this culmination is not without an accompanying set of considerations.  Regardless if a person decides to get a brand new vehicle or if they prefer a 2nd hand car loan to get it, there are things to remember before one dives into this exciting, engaging, and somewhat expensive endeavor.

Previously owned make great first cars

Just because it’s your first car and you want it to be special doesn’t mean you can’t get a previously owned car.  A previously owned car is, in fact, a very wise choice for a first car.  Why?  For starters, there is the matter of cost.  Believe it or not, cars that were released only the year before are cheaper by as much as 20 to 30% compared to brand new cars.  Cars actually depreciate the moment they drive off the sales lot, and this should be something that every car buyer is aware of.

Second hand cars aren’t really as bad as some people think.  Most cars were built to last, meaning a second hand car could very well still function well and provide the same service as a brand new one, minus the additional modern add ons to the newer models.  Depending on where the second car is bought, these vehicles are typically appraised and evaluated for sale value, meaning the reseller will definitely not get it from the previous owner to resell it if it were in poor condition, or if it’s too much of a liability than it is an asset.

Right Car, right driver

It’s almost a sure thing that first time car buyers already know what car they want, but the question at this point is: is it the right car for them?  This is an essential question because many don’t realize that a car really is a major investment.  It’s not like other investments that if you don’t really like you can resell at the end of the week, or just let lie around not being used and not expect it to incur any expense at all.  You have to be absolutely sure that the car you are intending to purchase, be it brand new or second hand, is the one that works best for you.  Determine your main objectives for getting a car or vehicle and see it the one you had in mind is appropriate for it.  Are you getting a car just for convenient transport?  Or will you be using it to transport people daily, like bringing the kids to school?  Will you be using it to haul around things regularly?  Will you be using it for long distance driving?  These are things that need careful consideration when picking out a car to buy.

Realistic price

Cars are among the most iconic of all things ever designed by man.  It has different meanings for different people.  For some, it represents a material dream fulfilled, the product of long working hours and of intense saving efforts.  For others, it represents speed and their desire to remain mobile, able to go wherever they want to, whenever they want to.  Regardless of whatever it may represent for a person, the fact remains that it is no simple thing to purchase.  The question of affordability is something that not too many are clear on.  Many think the issue of affordability stops with the actual purchase of the car, not really considering that there is the matter of the upkeep and fuel expenses to keep the car in working condition.

This is why a potential car purchaser must first consider if the car they are eyeing comes with a realistic price.  A realistic price is one that will allow a person to keep on using the car even after the initial purchase and payment.  Many people make the mistake of getting a flashy and frivolous car only to discover later on that they don’t have anything left to spend on fuel and maintenance.  This may also happen to those who get a 2nd hand car loan.  They fail to consider how much would be left over for them once they start paying the premium for the loan they took out, a fact they just realize later on.  Consider how much the overall expense could be for a car, whether you are buying it outright or using a loan to get it.  Take into consideration things like downpayment, monthly payments, fuel expenses, and maintenance.  Once these have been considered and you have an estimated figure, find a car or plan that matches it.

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Getting a business loan: things you REALLY need to think about

gdfi_2“It’s just a loan, what more is there understand about it?”

This is often the mindframe of many who are seeking to take out a business loan, or any other kind of loan, for that matter.  This kind of cavalier attitude towards the entire process is actually quite ill-advised, since it shows an apparent disregard for the process that financial companies and lending institutions have put up to facilitate the approval of such loans.  More than that, it often leads to either a botched loan application due to a lack of understanding of the process, or a tedious and expensive payment process later on, since the rules, schedules, and penalties were not really understood.

The irony here is that all it would take to minimize rejection and increase chances of loan approval is patience, preparation, and understanding.

Do your research

There are many financial, banking, and lending institutions out there where a person can secure a business loan, with each having varying rates, payment terms, and requirements.  The large number of institutions to choose from is actually a good thing, because it offers you the option of choice, and since money is involved in this matter, allowing you the best of choices is always a good thing.

Do your best to learn all the pertinent things that you need to know about these institutions, such as how long have they been in business?  What do people say about them, and in the case of contrasting opinions, which opinion seems to be more popular?  Knowing as much as you can about a lending institution could give you that particular insight that you need to help you decide which one you will be going to for your loan application.

Know the requirements and prepare them

It’s not uncommon for loan applications to get rejected because of the borrower’s insufficient, or complete, lack of necessary requirements.  This is why it is quite important to find out as early as possible what the possible requirements are for the loan you will be taking.  Some companies require very little in terms of document requirements and simply make up for security concerns through background checks and credit investigations.  Others, however, require several documents be prepared for the loan application to be approved and processed, or even be considered.

Regardless of whatever document requirement an institution may have, if you are planning to take out any kind of loan or financial assistance, it is always a great idea to prepare the most basic of documents well before applying for the loan, such as personal finance documents, personal information documents, and other such requirements.  Having these ready will save you more time later on when you need to get documents you have to apply for in order to get.

Understand everything about the loan

Rules, policies, and legalities often get the better of most people who are seeking to take out a loan.  This is why when they do get the documents explaining the process, or when a representative is trying to explain everything, most people simply pretend to understand everything and then end up not knowing vital details later on.  Considering that some loans come with a rather hefty premium, not knowing about the details could be quite disastrous.

What is needed here is a conscious effort on the part of the one taking out the loan in trying to understand it.  Since not everyone is a financial wizard or well versed in matters of finance, it may be a good idea to consult with an expert on these matters.  Seek out someone you know who may be more inclined to understand what needs to be understood and ask them to explain to you better.  The important thing is that you understand all the important things about the loan, such as interest rates, penalties from late payments, and other such things.

 Be clear, concise, and consistent at the interview

The interview is an essential part of the loan approval process.  It gives the lending institution better insight on the type of person taking out the loan.  This allows them to determine certain details like if you are taking out the right kind of loan, since there have been cases of people looking to start a business and apply for a salary loan instead of a business loan.

This is why one should be sure to explain in detail what they are intending to get the loan for, and why they need it.  There are instances that during the process of the interview, it is discovered that the one taking out the loan may actually have better options than taking out a loan.

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