Advantages and disadvantages of borrowing money from family and friends

Money is a crucial factor to live life. It is an essential ingredient to lead a normal and a healthy life. People today are running behind money. People feel respected and dignified in front of their friends and relatives only when they have money. Now-a-days, children and teenagers spend a lot of money on things just because they are on sale. Sale products are tactics of the textile businesses, where they sell the old textiles at low prices just to make people buy them. But normal people do not know this trick and end up buying them just because they were on sale. They do not save money and hence end up in borrowing money from friends and family.

Advantages

There are number of advantages to borrow from family and friends. One of the biggest advantage is that, there is not defined payment repay date. There is no agreement signed and hence one can give money when they have and worry less about repaying it back. This way they can get how much ever they want from friends. They need not submit any paperwork and not feel bad about asking family and friends for more money whenever they want.

Disadvantages

A coin has two sides, same way borrowing money from family and friends has both advantages and disadvantages. The major disadvantage is that, it is family that one is borrowing money from and hence it could be awkward when money is not repaid. This makes both the parties difficult to maintain the relationship they had before lending and borrowing money. Social and family gatherings become difficult to attend since the borrower cannot face the lender. They become more like a servant doing what the lender asks them to do. In this case, it is always better to have a signed agreement, be it family or friends, to make sure the money is repaid. To overcome all this, it is better to borrow money from good Singapore money lender. Money lenders are individuals or group of people who lend personal loans at high interest rates. They do not require any complicated paperwork except for a few basic details of the person along with ID proof.

There are many moneylenders in Singapore. One can get a good Singapore moneylender through online forums. Some of these money lenders are registered and licensed and offer mortgage loans as well. One can get money whenever they want when they have a good moneylender. It is better to get a best interest rate mortgage loan in Singapore through money lenders than banks with complicated paperwork.

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