2007-01-02 06:47:36 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
When you borrow money you have to pay interest. No one is just going to give you money without expecting something in return.
2007-01-02 13:35:17 · answer #1 · answered by Inquisitive125 3 · 0⤊ 0⤋
Banks are in the business to make money. Therefore, they will charge interest at a higher rate when they loan out money than they will pay on deposits (which they are effectively borrowing from their depositors).
2007-01-02 14:52:47 · answer #2 · answered by jseah114 6 · 0⤊ 0⤋
Banks are not non-profit organizations. You never hear of a bank asking for money.
2007-01-02 16:22:45 · answer #3 · answered by tito_smootz 2 · 0⤊ 0⤋
They aren't a charity organization. They are a for profit company. They make money by charging your for using their services and charge interest for loaning you money in the form of money loans or credit cards.
2007-01-02 14:50:29 · answer #4 · answered by Blunt Honesty 7 · 0⤊ 0⤋
There are fees and intrest applied for many reasons. Banks are a business and they are in business to make money. The need is not relavant.
2007-01-02 14:49:54 · answer #5 · answered by Question Addict 5 · 1⤊ 0⤋
banks were made originally not to help people but to make profit so .......no they dont
2007-01-02 15:05:52 · answer #6 · answered by Praiser in the storm 5 · 0⤊ 0⤋
apparently they need this money
they probably make a lot because they have lots of customers
2007-01-02 14:50:22 · answer #7 · answered by Anonymous · 0⤊ 1⤋
I think it's just to make our l.
2007-01-02 14:49:50 · answer #8 · answered by Oxhead 3 · 0⤊ 1⤋