Apply For A Loan

It seems to be a part of modern life, as all of theone I know has got a loan. This would be to consolidate debts, pay for home improvements or buy a car. Every so often, my husband and I have taken out a bank loan for one reason or another. We also took one out to put our daughter through university.

I hate filling in forms and the same forms come around again and again, asking the same questions. They have good jobs and could easily afford the repayments, but asking for a loan for the first time means that you have no credit history to be assessed. They have to do a credit check on us. We have plenty of history! The worst thing, when we apply for a loan, is those ten minutes or so when we are left alone in the office whilst the manager pops out to do all the checks. Ironically, we have friends who have been refused a loan because they have no credit rating. Every time we apply for a loan, we have to prove identification, even though we've been going to the same branch of our bank for years. We've never been refused but there's always a first time. It's cold sweat time as he comes back into the room. It's ok! He's smiling and we don't have to do this again, until the next time.

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I always feel like a meeting with the bank manager is like going to the Head Teacher's office. When I apply for a loan, I'm asking for money that I haven't earned. The manager is always perfectly cheerful and helpful but I still feel like I'm in the dentist's waiting room. Of course, I know this is how banks make their profits and the whole banking system would collapse if it were not for people like me. Maybe, it's because of some Protestant work ethic instilled in me by my parents. I feel guilty but I don't know what I'm feeling guilty about.

It's not the actual loan that bothers me, I have accepted it as a way of life, it's the process you have to go through to get one. My generation doesn't have the patience to wait. They wouldn't think to apply for a loan. So, we have to jump through the hoops everytime we want one. If they wouldn't afford something, they simply saved up until they had enough money. Perhaps our parent's generation had the right idea.

Happy Independence Day!

Wachovia quits offering risky mortgage loan
AP via Yahoo! News - Jun 30 2:49 PM Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest.
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