As we all know a bank is a place where financial services are being rendered and also storage of valuable things like gold, money, and all other things that can be used as investments by the bank and so on. different activities are done in the bank relating to any financial aspect but even at that most do not prefer to put their money in a bank and love the other way which is cryptocurrency, We have various types of banks and each has its role which they play. We have an investment bank that deals with mainly the investment of assets and every valuable thing that will eventually yield in years to come within a period of time.
What prompted me to write on the topic of loans in a bank is because of the recent happenings and what I have been able to partake in, It is not a new thing to those who use their bank often because they would be familiar with this things and with the way the world is evolving where we now have mobile banking and all forms of registrations are now done online with no need of going anywhere. making the world easy and less stressful for users of banks. Talking about loans, it is like lending out a certain amount of money within a period of time for people and then returning with little or no interest but it is not done like that these days because there will surely be an increase in payback.
Two months ago, I decided to try an online mobile bank and get a loan of about $20 as a student I was told to fill in my personal details which would make me real and they would be able to confirm my request, another part of the loan request is that when refunding my loan I will be paying back with the amount of $32 and when it is the due date and I could not pay up, a daily increase will be adding to my balance which I was supposed to pay initially. when it got to a certain stage and I could not pay up the increase with the loan, I disabled all my contact with the bank and they were not able to get in touch with me until I got the money later on and I paid back.
This made me think of a lot of people who will take loans, especially from online banks, and cannot pay them back, I see that most might run at a loss but still lot of banks are still offering loans, and this is one of the things that baffles me thinking how they will gain if a lot are not able to pay back their loan on time and even later on will those banks run at lost or they will use others profit to settle the loss. loans are easy to get but if there is no plan for it, one will just spend and won't be able to refund at the speculated time. interest on each loan by customers determines the amount of gain a bank will surely get afterward.