People today are able to take out loans from the bank or get a credit card very easily. What are the advantages and disadvantages of this practice?

In

this

modern society, people's lifestyles are changing day by day.

Consequently

, a large number of individuals tend to have

bank

loans

or

credit

cards

from financial

institutions

, as the

procedure

of having a

bank

loan or

credit

card is very convenient not only for people but

also

for businessmen. In

this

essay, I will discuss the pros and cons of taking out

bank

loans

or

credit

cards

without hassle. There are a large number of advantages to having

bank

loans

or

credit

cards

from financial

institutions

. One possible reason is that people who are highly engaged with their personal and professional lives and do not have ample time to complete the lengthy

procedure

always prefer to have

bank

loans

or

credit

cards

to improve their lifestyles.

For example

, many banking

institutions

provide personal or business

loans

within 24 hours as they provide digital banking services. Another reason is that because of the easy processing of taking out

bank

loans

or

credit

cards

,

customers

are always benefited, as there is positive competition in the banking sector. Despite the tempting benefits, the disbursement of

bank

loans

and

credit

cards

among potential

customers

has some disadvantages.

Firstly

, if monetary establishments disburse

loans

or

credit

without proper assessment of the client's documents, there will be a high chance of corruption between

bank

employees and

customers

.

Secondly

,

clients

Change noun form

clients'

client's

show examples

accounts or card services might be vulnerable because of the easy

procedure

.

Therefore

, some banking

institutions

have a tendency to flee with

customers

Change noun form

customers'

customer's

show examples

deposited amounts. In conclusion, taking out

loans

or

credit

cards

from financial

institutions

by following easy steps has both merits and demerits.

Therefore

,

this

kind of easy

procedure

of taking

bank

loans

or credits helps the

overall

financial stability not only in the personal stage but

also

in the country's development.