Stung by the small print

You are in the car and your mobile rings. It is another annoying text message from a bank offering you a loan at X.X percent. You look up at a billboard and another bank is offering a loan at an equally preferential interest rate so you can fund that dream boat, vacation, nose job or any other burning desire. With Lebanese banks’ assets having reached $144 billion, equivalent to around 370 percent of gross domestic product, the banks are highly liquid and looking to lend, hence the marketing barrage touting consumer loans. While the banks’ greater willingness to lend is no doubt a boon for the economy, borrowers could well be stung if they have not looked closely at the “conditions apply” section and read the small print; a loan at a rate of say 7 percent could well end up being in the double digits. What’s more, you will