IS LOAN BOOK LEGIT A SIMPLE GUIDE
Acquiring a loan can be seen as a difficult task and a step that must be covered well in case of any discrepancy between either the lender and borrower.
When a loan has being approved, what next is deposition of the borrowed loan to the applicant account.
And while all this transaction are going on,their should be a source journal where all this transaction are kept for record safety purpose.
Thougj depositing of borrowed loan to the applicant bank account is quite easy and can be well monitored or even easy to remember.
But while paying back the loan based on daily basis or monthly are the one that needs monitoring and recording the most.
What is loan book?
Loan book is a source journal that holds all the informations regarding a particular loan.
Loan book can also be said to be a detailed loan transaction that is hold by a loan administrator on pbehalf of the company to relate all transactions between the loan company and the borrower.
Loan book make it easy for easy redirection to any omission or error that might arrives either why applying for loan or while paying back the borrowed loan.
Also loan book is said to be a total outstanding loans in the company statements of financial position and this is mainly used to determine if the company if progressing or just in a static position.
Who are the users of loan book?
Bank
Loan company
Partnership organization
Governmental agencies.
Why is Bank included in users of loan book;
Bank is a financial institution that accepts deposits from public for safe keeping aswell as offering other money policy obligation like lending of loan and overdrafts.
This is what lead to Is loan book legit, bank also is an institution that requires the usage of Loan book while lending out loan to it customerss.
Bank loan can either be in form of overdrafts or by real loan acquiring which needs guarantor and other documentation to become eligible.
And for a bank to keep all the record of the customer in regards to their loan borrowed, what they need is loan book legit.
And also bank as some customary principles that must be followed in regards to the country head of bank.
And in this form, a bank also applies for loan so as to meet with some financial duties tgatist be carried out.
Though the amount of money borrowed by bank are always numerous unlike a personal loan and other agencies.
And for this to take place is loan book legit is mostly needed.
Loan company;
Loan company is the company that needs loan book the most, loan company in need of is loan book legit.
Why applying for Loan, both the loan company and the borrower needs a loan book, the borrower would be holding a loan book that is somehow similar to pass book.
which would be used for recording the loan repayment date, time , amount and aswell as holding the borrower signature, and aswell as the loan company representative signature.
But at times the loan book given to borrower are prone to forgery and mistake.
That is the reason why the loan company do has a legit loan book that covers every misdeamour of the loan book given to the borrower.
Partnership organization:
Partnership organization are abisiness organization that are formed by two to twenty people with the aim of profit making and aswell as meeting with the partnership demand and criteria.
Partnership are mainly formed to firstly meet with the ideas and generated reasons behind the partnership creation.
And while partnering, their are some gains and financial benefits that one enjoys as a partner 8n term of drawing out loan for personal use and also the collection of profits made shareable to partners.
And for any partnership scheme that offers loan, they must have a is loan book legit so as to state all loan bills and withdrawal.
And aswell as to create a source journal for easy reference while preparing the financial position of the company.
Governmental agencies:
Government parastatal are created by the law under the financial bills of the government and for this to be financed, the governmental agencies are financed by the government.
Governmental budget do varies, at times the country might be having less revenue in meeting with the countries budget, and this is the reason why at times, the country use to borrow loan from international purse.
Though the loan borrowed by a country cannot be compared to other type of loan but government aswell make use of is loan book legit.
Is loan book legit?
Sometimes a certain invention might not occur until fault is been found in a particular mode of item.
Before the invention of loan book, the normal way of recording loan transaction are prone to disagreement between the borrower and lender and also it is create forgery.
This was what lead to loan book.
And for one to ask that is loan book legit, one would have to considers it
uniqueness
credibility
flexibility
Transparency.
Loan book carries all the above mention features.
Is loan book legit? Can at times be antagonised since not all loan company approved if the usage of loan book but it's a great documents to use.
Loan book Nigeria
In Nigeria, loan isn't an easy means to pass through and also many people are afraid of the security threats implores by Nigeria financial institution while applying for loan.
And most Nigerians doesn't really count loan book as something that needs to be kept well since most indiviidual do borrow loan from local loan organization.
Most loan organization make use of loan that are quite similar to bank passbook.
Loan book size
Loan book size varies based on the information page available on each loan book sheets.
Loan book sizes are at time
200×40 size
400×100 size
280×50 size
What are the items included in loan book?
Simple interest loan item are included in loan book
Reducing Line loan are included in loan book
It helps to set one country
It sets country currencies
It helps to set applicants bank
It helps to register applicant
It helps to issue loan
Disburse loan
Generate loan reports.
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