A Loan from a Family or a Loan Company?

When we need money, we often use family support, sometimes even sign a contract with our loved ones, but it’s worth considering the option. A critique at plainsnews.com

We need money very much. Sometimes, situations happen when we urgently need cash. Then we often go to someone from the family or to friends asking if they will be willing to help us. Another option is to use an online loan, which we will be able to repay easily without having to indebt our relatives.

Loan agreement in the family

Loan agreement in the family

There are situations when we need money. Unfortunately, often the bank does not want to give us a loan . Therefore, we are looking for another support. The first thing that comes to our mind is to help your family or friends. This solution seems most reasonable. The relatives do not usually refuse, and you can always agree on the sum and the repayment date. Even if we are in trouble, untimely debt repayment will not lead to the visit of the debt collector or bailiff, so – delays will not cause problems. Many of us think so, but before we sign a loan agreement with someone from the family, it’s better to check what it is.

First of all, it is worth finding out whether the loan from the family is taxed. The loan from the closest belongs to the first tax group. We can avoid fees if the amount does not exceed PLN 9,737. In the case of a larger amount borrowed from people close to us, we may be exempt from payment provided we report it to the Tax Office with the PCC-3 print. It’s important to do it within 14 days of signing the contract – then we have to wait for an answer.

Online loans are a good option

Online loans are a good option

Each of us has their own needs, but we can not always afford what we care about the most. Not everyone can afford a loan from the family. They think that a payday loan and an installment loan in a non-bank institution will not be a good option either. Sometimes they are wrongly afraid of the effects of unpaid loans , which is why they give up the opportunities offered by the companies from the loan sector. As it turns out, sometimes they leave the idea too soon.

Meanwhile, using the services of loan companies does not necessarily involve high risk. Everyone who is afraid of installment loans in non-bank institutions should check the exact information about them before making a decision. Loan portals will help. There you will find details on the rules of safe lending. What’s more, we can read the rankings of loans in installments and payday loans, as well as use loan comparison engines. As you can see, choosing a loan company is worth remembering . If we stick to these rules, it may be a better option for us than a loan from the family.

Private loan and online loan

Private loan and online loan

The loan from the family is undoubtedly a tempting option. It allows us to take advantage of financial support, without weakening our creditworthiness . However, when thinking about this kind of obligation, we should remember that money is a frequent cause of conflicts in families. Difficulty in paying off a commitment to relatives can set them apart for many years. In such situations, it is better to withhold the decision and think whether it is better not to take a loan from another source.

When looking for financial resources, it is worth remembering that secure borrowing in a non-bank institution is a right decision, if we are guided by common sense. The use of offers from proven companies should not have unpleasant consequences. If you make a loan on time , you will certainly not be exposed to additional fees due to delays.

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