When you are heavily buried in debt and your finances are not enough to cover additional expense, lenders seemed like godsend angels from above.
Basically, a lender refers to any financial institution, whether a bank, lending company, cooperative, credit union, or agencies, which provide or extend help to those who need hefty amount of money for some personal reasons.
A lender is actually a company that represents the institution as a whole. Generally, these type of moneymakers earn a living by lending money to people and reap interest rates in return.
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These interest rates are being charged by the financial institution on the debtor while the loan is still in full force.
Additional charges can be made in the event that the debtor was unable to pay back the loan within the agreed period. In this case, the loan officer will, then, make necessary procedures in getting back the loan amount in a more legal way.
Normally, lenders work hand in hand with realtors or real estate companies. They provide the appropriate financial aid to the clients of the real estate company.
Real estate agents will mostly refer you to a loan officer that has an established track record. Or better yet, they will recommend you to portfolio lenders because these are the type of persons who are usually capable of closing a deal with the clients.
On the other hand, loan officers may also take the form of a mortgage lender. They are the ones that provide mortgage loans to people who have assets that will serve as collaterals.
Generally, every loan officer would claim that their company is better off than the others. But when you encounter the same person a few years later, he will still tell you the same thing even if it means that he is already in a different company.
This only means that a lender will typically tell you that he or she can give you the best deal when it comes to loan and credits so as to earn interest from your loan.
That is why most financial experts contend that it is best to consider the individual loan officer rather than consider the financial institution as a whole.
The basic concept of a lender's job is confined on two things: First, to be your backer so as to get an approval in your loan request; and secondly, one who is suited to provide you with quality and feasible loans.
These all boils down to the fact that an ideal lender should be trustworthy enough to give justice to the details of the job.
Consequently, loan officers should take extra effort in rendering quality customer service to their clients or borrowers. After all, it is where they get their earnings. Even if it seems that it is the lender who extends help, it is still best for a loan officer to consider his or her customer's satisfaction.
Moreover, it is the responsibility of the lender to safeguard the personality and well being of his or her customer. Therefore, he or she is not allowed to categorize his or her clients in terms of skin color, race, religion, gender, nationality, marital status, and disability.
Plus, it is extremely unethical for the lender not to extend loans to borrowers based under this condition.
Indeed, lenders can be very useful especially in times of extreme need. But they should also keep in mind that the very reason their clients borrow money from them is because of an imminent financial problem.
That is why it is best for these loan officers to be considerate enough when extending loans. After all, it is still the quality of customer service that counts most in this kind of venture.
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