Loan is granted when the banks sees a potential that you can pay them and it will be defined by your statements, as we all say the collateral. Personally I don't want to get a loan with collateral, like a property, or a car, coz obviously you can't take the half of the car just to pay them, so they will just get it to you as a payment, in short it will be over paid. Don't do collateral!
Well.. no one want to provide collateral, but some of us don't have any other option. Banks refuse to provide the loans, if you don't have a collateral. In that case, you need to go to the private moneylenders, and this is like the riskiest option. Their interest rates are sky high and you will end up losing all of your possessions while trying to repay them.
I don't want to divert the topic. But around the world this pandemic is destroying the lives of so many people. From the stats you may think that less than a million have died as a result of COVID 19. But in reality hundreds of millions are impacted negatively, due to loss of jobs and erosion of savings.