Why would Individuals be Engaged in Borrowing Money from the Financial Sector?

-Personal Loans: Loans given to Individuals that are paid back after a Small Number of Years. Can be Secured (Backed by an Asset) or Unsecure (Higher Rate of Interest usually) -Mortgages: Loans to buy Property. The Bank Owns the House until its Repaid -Credit Cards: Individuals can borrow Money from a Bank when Purchasing Goods and Services -Pay-day Loans: Short-Term Loans which are Unsecured and have a Higher Interest Rate -Overdrafts: Loans for Firms and Individuals given when their Funds in an Account fall below 0. Fee might be Installed when operating with an Overdraft, and a % Rate on the Money Borrowed