Loan repayment struggles under current Loan market?
Poor loan repayments usually lead to loan defaults.
News headline this week “Banks feeling pinch of sliding margins” but multi-billion dollar profits.
Most days there are reports about sliding bank margins and an increase in defaulting bank loans.
When we borrow we tend to put all else aside. We just want to get that bank loan for our farm or business.
Loan repayment Management
Far wiser is to think strategically.
How, when, from whom, at what rate, on what terms, how will I manage loan repayments.
A farm loan consultant
or a business loan consultant
for a borrower, is the equivalent of a mortgage broker for a bank.
One serves the borrower. The other serves the bank.
Don’t be swayed by a few years of “interest only” repayments.
That is the bait for an unaffordable loan that could lose you the home, business or farm to the bank.
GBAC has developed its BorrowBetter app
to let borrowers bargain with the bank. It is like a “Borrower’s Broker” without the big commission charge. Get the best rates, charges and terms
For those having trouble with their bank, Bankwatch
lets borrowers report disputes & defaults for possible solutions.
If the loan has grown into a problem debt then the best option is a farm debt consultant
or a business debt consultant