There comes a point when someone needs to borrow some money. With the development of technology, most people prefer to go to digital lenders, banks and friends in order to borrow some money. This is because these soruces are very reliable and efficient. However, most people always avoid borrowing some money from their relatives with no geniune reason. Below are some reasons why you should consider borrowing money from your relatives.
1. They will always give you some financial advise.
When you want to start a business and you do not have enough money, it is always good to seek some assistance from your relatives. This is because they will make sure to give you some financial advise and help you set up your business as they know that your financial success plays a huge role in returning back the loan they gave you. Since they know that they have a stake in your business, they will always try as hard as possible to ensure that your business succeeds.
2. There is no interest involved.
Since your relatives are not a bank, they will rarely ask for interests or fines unless you were the one who promised. This therefore means that you will not spend more money when repaying your loan in the name of fines and interests.
3. There is no time span for payment.
When you borrow money from a financial institution, you are always given a time frame to pay it back or else you will be forced to pay a fine or your assets are siezed. However when borrowing money from your relatives, you can decide to pay them when you get the money even if it takes you ten years.
4. Loans from relatives do not have strict condtions.
Even though borrowing money from relatives might come with conditions, they are not as strict as those given by financial institutions. This means that you may not have to follow all the rules that you are given by you relatives.
Even though you should try to borrow money from your relatives, it is important to pay any loans that you have been given.
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