Ethics are indeed the basis of morality, as it defines what is right and what is wrong. The very famous, “the end does not justify the means”, tagline is a good reminder that what is right in the wrong time is a wrong thing. If this phrase is to be connected to loan then conscience, credibility, and good intention are few of the many virtues and characteristics needed to be applied upon by borrowers.
Though financial institution has the mean to provide money for investment of this kind of service, borrowers should take in to consideration that money coming from the lender’s pocket or savings are also at stake to be in need and be bankrupt depending on those people they are serving upon. Both sides and parties are needed to display beneficence and non-maleficence theory of service. People who have their own reason of borrowing money to lenders need to be responsible regarding their borrowed principal amounts in their personal loans. In reasons why there are borrowers which has failed paying their loans, many fictitious claims are to be heard, some blames the policies intended for payment schemes regarding their liabilities though in the very first place, precise instruction and policy has been discussed before any transaction has been conducted.
Some points are expected to borrowers:
· Mean what have been said and promised
- Being honest in situations of not having a money is not a problem for it provides better opportunity for settling loans by having a notified problem ahead of time
· Be responsible in handling money
- Having loans is good for necessities and personal services but if the reason of taking loan is just to splurge the money and no to think on its corresponding liabilities having a bad reputation will be a big consequence into this.
These are just few simple guidelines for borrower to follow as lender’s also draws expectation to their trusted clients.