Tuesday, September 4, 2012

Loaner Check

Other than the banks, micro finance businesses provide loans for their customers screened-capable of payment. If this bigger companies had to make their loaners be under a background check, same should be the case for any private individuals who make it a way of helping people to borrow from them money whenever they need to and whatever agreement they dealt. This way, it will shield them from future difficulties of running after their loaners or eventually losing the money at all.

Linda (not a real name) had a considerable amount of savings in her bank account. While having no idea in mind what kind of business she will put her money into, she started loaning her friends and colleagues money on an small percentage of interest a temporary means to make her money increasingly earn. One of her office mate borrowed money from her quite bigger than usual amount loaned from her by others. However, Linda lent her the money on an agreement that she will pay every salary payday. Her office mate managed to give her payment thrice and it did no complications whatsoever. Until their next agreed term of payment, she said that she had been in need so she could not give her fourth installment. Several due paydays still passed but no matter how many promises her office mate told her that she would already pay the next time, she failed when the payday arrived. This had already been causing disappointment on Linda that she had already reported the matter to their superiors hoping that she can get support, but knowing that it is outside the concern of the company, they could not help Linda in any way. Linda had thought of filing complaint on her office mate, bringing the matter to a legal procedure. These times, her office mate started to make frequent absences in the office. The next time she knew she had just sent a resignation to the company and leaving Linda with no idea of her whereabouts.

This is an example case of many defaulters. Situations like this could be lessened if not prevented if a lender would know significant information about the people who borrow from them like their addresses, assets, criminal records etc. This way, you can more precisely discern whether the person who will borrow from you will not give you future problem - and in such case of encountering problem, you may know where to locate them.


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