21 sats \ 5 replies \ @supratic OP 23 Jul \ parent \ on: Borrow $60,000 and Pay Back $255,931 charts_and_numbers
Thanks! This makes much more sense, I assume this approach on the calculation is applicable everywhere.
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0 sats \ 4 replies \ @Bell_curve 23 Jul
Thanks
We tend to look at the borrower's perspective only or the lender's perspective only and we should look at both for a fair and balanced perspective
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21 sats \ 3 replies \ @supratic OP 23 Jul
do you mean that credit history of the lender should be on the table in this type of situation?
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0 sats \ 2 replies \ @Bell_curve 23 Jul
The borrower is asking and trying to persuade the lender to lend him money
The lender has to ascertain the credit risk of a borrower: high, low, medium, etc
Most lenders have certain criteria before they even consider a loan application
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21 sats \ 1 reply \ @supratic OP 23 Jul
it's basically on us to make the due diligence and check before going out to the first entity to ask.
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0 sats \ 0 replies \ @Bell_curve 23 Jul
A borrower can seek pre-approval and the lender will know right away if the borrower meets their minimum requirements
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