How do you compete when you are outgunned, outmanned, outmatched and every other OUTed in the dictionary?
What hope do borrowers have today? Is hope the best strategy there is?
The Wall Street Journal reported that lenders are becoming very aggressive with their lending practices. Borrowers are being pursued in grocery stores of all places. You’re not safe from loan pitches even between the bastion of cucumbers and the castle of cumquats anymore.
So what can borrowers do to outrun the pursuing loan officers?
1. It’s important to know what you don’t know. The lenders have all the training and legal support to draft terms and conditions that maximize the bank’s profits and minimize their lending risk. It’s not a level playing field.
2. Surround yourself with an experienced borrowing advisor to help you see your blindspots in the borrowing process.
3. Avoid the five most common borrowing mistakes incuding overestimating your available cash flow to repay the loan.
4. Be sure your borrowing is rooted in sound decision making and strategic for your business or personal needs. Don’t follow financial rabbit trails or borrow from your future happiness for questionable benefit today.
You need a license to catch a fish but they’ll let almost anyone sign a loan agreement. Do you know what you’re doing? Are you sure?
- A Legion of Lenders is Coming Ashore: How to Fortify Your Borrowing Defenses (proborrower.wordpress.com)
- Five Things your Parents Wish you Knew about Borrowing Money From Them (proborrower.wordpress.com)
- Friends Don’t Let Friends Borrow Alone: The Advantages of Hiring a Borrowing Coach (proborrower.wordpress.com)