It seems at some point in every life there is a need for more money. Medical bills, the loss of a job, a car dying prematurely, home repairs, and more all lead to financial strain. Many people begin thinking about getting a loan and find that the easiest place to get the loan is from their friends or their family members.
This seems like a good idea at the time because there are no applications to fill out, no one has to know how much money you do or don't make, and there is no credit check. It's easier because you feel like it is much more private and that the world at large doesn't need to know that you are struggling right now. It all SEEMS like a good idea, but it isn't.
The saying that money changes things is true. You should never ask a friend or family member for personal loans unless there really is not another option available to you. When your friend or family member loans you money suddenly they are not just your friend or your family member, they are also your debtor. If you miss a payment suddenly you may avoid them or they may be angry with you. If something goes wrong it could ruin a beautiful relationship. We never plan for things to go wrong...but sometimes they do. So, assume that something will go wrong and avoid getting personal loans from those you love. It never works as good as it sounds.
Gary Bean is an experienced writer who enjoys writing articles about personal finance. He knows about the latest technology and prepares articles so people will know how far the technology has advanced.
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