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| Borrowing (3) | |
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| BORROWING (3) Definition: The money that a company, an organization or a person borrows; the act of borrowing money. ______________________________________________________________________ * This is about the act !! * All seven or eight elements, as applicable, would be in. 1. Borrower decides how much is needed as loan. 2. Enquiry is made about the possibility of obtaining money on loan. 3. Application is submitted or a request is made as appropriate - to the right quarters and in the proper manner/form, etc. 4. Submission of additional documents, if required and/or fulfilment of all additional requirements as demanded by lender. 5. Discussion. Asking of questions, seeking clarification, etc. An initial agreement is reached, before further progress is made on application. That is, lender and borrower have an understanding of what is involved in the pending transaction. 6. Borrower puts down collateral(s) or deposit(s), as applicable, where necessary. 7. Signing/endorsement of all relevant loan papers/agreements. 8. Collection of funds as per the agreement or receipt of legal authorization to access loan, as necessary. ______________________________ See perfect borrower. See perfect borrowing (1). See perfect wealth management. See perfect necessity (1). _____ See perfect mortgage. _____ See perfect debt (2). Quote: "The shoulders of a borrower are always a little straighter than those of a beggar". - Morris Leopold Ernst. Quote: "The human species, according to the best theory I can form of it, is composed of two distinct races: the men who borrow, and the men who lend". - Charles Lamb. Quote: "Lots of fellows think a home is only good to borrow money on". - Kin Hubbard. | |
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