Cases of unpaid loans due to pandemic

[Alexandoy]

In this era of pandemic so many have lost their jobs and many companies have closed due to the implementation of the protocols. The government have given financial aid but so little like the jobless are beggars that deserve alms.

Now this question about those people who lost their jobs and have loans to be paid? Some banks have waived the penalties for the house mortgage because they fully understand that situation. Fortunately most of their borrowers have been paying. The hardest hit here are the small laborers. Most have bought a motorcycle for their own transportation in going to work. Now those motorcycles are repossessed because the owners couldn’t pay the installment anymore. Some were sold at a cheap price and the buyer will handle the installments. It is sad if you have a loan and calamity comes.

 

[sincerem]

Most people entered into getting loans to solve their problem, but immediately the pandemic occurred, it affected the business which they took the loan for. That affected their progress, made them losing money unnecessarily and even find it hard to clear the outstanding loan debt. When the loan agreement expired, resulting in them not meeting up deadline.

 

[Sammyesx]

The pandemic affected every sector of the economy of which the loan sector is not left out, I believe there will be an extention of the time frame giving to a person that aquired the loan because of the pandemic. Because I know of house owner that called the cops on their tenants that have not pay their rents and they were told to extend the time for the tenants to look for money to pay.

 

[sincerem]

Yes, the landlord ought to extend the deadline for the payment of the house rent, in order for the tenant to look for money cos its never the fault of the tenant. Rather the uncertainty pose by covid19 made it so, and ruin the tenant's time to get money in order to meet up his or her primary bill payments.

 

[Abigael]

The pandemic has really affected many people financially. Loosing jobs is one of the main effect that most people faced. Those who had loans are the most stressed because they don't have a plan on how to pay back the loan. This also affects the loan lending company because their debtors could be so many.

 

[funmi]

The lock down during the pandemic did a lot of harm to business owners to takes loan to support themselves. Many of them were depressed because they found it difficult to sell their goods making them bankrupt as some of their goods got expired in their shops.