The right time or place to borrow?

Terence_Burrows

enthusiasticsaver wrote: »

I have rarely been asked for proof of income and no loan application or credit card application can be 100% foolproof in ascertaining whether borrowers can afford to repay. Some people are careful with their money and others less so. Some are good budgeters and others tend to fritter and waste money. An application is only going to give a very basic view of the applicants financial attitude and position. Mainly though you see lenders tend to weight the interest rate according to the risk they will not see full repayment so the very riskiest borrowers will pay the most interest. Most have to be desperate or short sighted to accept borrowing on those terms but people still do.

Pretty straightforward then, Thanks again for taking the time to answer my questions, it really means a lot.