Don't Borrow Money from Family and Friends
There may come a point in your life where you cannot handle everything financially and feel that your only option would be to turn to family and friends. You would think that your emotional support system would be the best option but there can be many unforeseen problems that can arise because of money. There is a saying that 'money is the root of all evil' and it really can be. Without it, you are left with a difficult time surviving in this crazy and chaotic world and those who have a lot of money may not really be enjoying life how it is supposed to be enjoyed. There are many reasons why you should shy away from borrowing from people who are close to you and you will find them below.
Open-ended Loans
When it comes to your friends and family, money lending tends to be open-ended. Some may look at it as not as serious as borrowing money from a bank and may take quite a while to pay the money back, if at all. Open-ended loans do not accrue interest and essentially both parties can be left in limbo because they do not know when to expect the return or what the other is thinking. This can cause tension and friction in a relationship, which can leave both parties not talking to one another.
Priority or Not
With an open-ended loan between friends and/or family, payback may not be the borrower's first priority. They may be more concerned about fixing their situation and not really thinking about how them borrowing money is affecting the other party. If they are not going to get charged late fees and interest - there is no need to worry about their credit score dropping and typically, the borrower will just think that their friends and family will understand they are going through a difficult time.
Asking for Money Back
Once money has been lent out, it is hard for someone to ask for it back. The conversation can go one of two ways: smoothly or rough. It is all around awkward because the borrower can say 'hey sorry, I'll get that to you as soon as I can...' or they can easily say 'well I did not realize you would be hounding me for the money back so quickly, why did you lend it to me?' It is much easier to avoid the situation, which again, solves nothing.
Payday Cash Loans
Payday cash loans are a viable option when you need cash quickly and do not want to ruin valued relationships. They are quick and easy to apply for and approval rates are very high! If you have a valid job as well as a bank account and are over the age of eighteen, you may be able to be approved and receive money within an hour. In addition, think about the fact that you will probably feel much better that you are handling all of your own financial burdens and not relying on a friend or family member to come bail you out of trouble.
