This is what loans are, other people’s money. If you ever consider taking out a loan, this is the first reality check that you need to come to terms with. If you take other people’s money, you will have to give it back, otherwise you will face dire consequences. Handling such money responsibly and similarly approaching the obligations that you have accepted should make you think twice about reneging regarding your promises made. I hope I do not have to stress that whoever loaned you the money, still considers this money his property, right until you pay that person or entity back what you owe, including interest dues.
In today’s world, which is tailored towards relentless consuming, people’s needs are most of the time beyond their financial means. Clearly speaking, most people cannot afford the life they wish for, live beyond their means and at some point must enter into some kind of debt, because someone had to pay for it. Loans exploit this fact and provide relatively easily obtained money surplus for people who do not have debts, but are in proper standing, having gainful employment and perhaps even a home they can really call their own. These are the perfect customers for an eager lender, someone without financial burdens, but also without wealth, with a good credit rating, but without any debts attached to it.
At some point, every single UK citizen is, or can be, in a similar financial state and each and every person falls prey to the eager lender at some point. There is no citizen alive, which is without some kind of debt, except maybe the Queen. Everybody else is in some kind of debt, even if the debt is in form of credit cards or leasing payments for the car. The society of today relies upon people being in debt, because debt keeps the money flow going and the cash flow is the core of the currency value. In any case, what I am trying to tell you is: You will be taking out some kind of a loan, if you haven’t already and you will at some point need information in regards to how such loans work.