I went to see the Vice President of a bank today to ask for assistance in acquiring a loan for my project. She shared to me how pleased she was in having someone like me who is willing to risk it all for others but her bank would be unable to give assistance because of the conservative nature of her bank. She was pleased to let me know that it was the "conservative" regulation that allowed them to ride the wave of the global economic disaster and the reason for their good liquidity. I reminded her that this regulation is also the reason why this place remains as an under developed country and as to why the lending rates are kept at a very high percentages. Seems that only the rich gets the advantage of getting bank loans while the rest gets a loan from somewhere else that usually milks them for everything they got.
An average bank gives between 10 -15% rate APR while the other non traditional lending companies would charge as high as 35%. Talk about sticking it to the poor.
I left the bank feeling a bit hopeless, tired and angry. Asking GOD why and not getting any response. Maybe tomorrow will be a better day, I hope.
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