Borrowing Money from Friends and Family

Borrowing Money from Friends and Family

Money issues can be a serious obstacle in a relationship. Any relationship. There are endless stories of families that have taken to quarreling because one family member loaned money to another and terms were never laid out in advance, or someone is having trouble paying the loan back, or any number of other reasons. Money issues are the leading cause of divorce in the United States, and while there are no statistics kept, you can probably think of friends or family member that have had problems when they borrowed money from another friend or family member.

It’s a tough situation. Our loved ones want to help, but too often don’t consider the potential for conflict that can arise when everything is just based on a handshake or even less. Trust can be put to the test, miscommunication is often mistaken as personal slight, and sometimes these rifts can last for years, taking a long time to heal. Here’s an insightful article on the subject.

It brings up a lot of interesting aspects to consider if you’re thinking about borrowing money from a relative or friend. Is someone being taken advantage of for their generosity? Would someone give up much-needed finances to help someone else, and is that a good thing? So many things to think about in terms of the potential of a strained relationship and how much difficulty might come to someone’s life if you borrow money from them.

If you’ve had experience with an unsecured payday loan or a secured title loan from CASH 1 before, you’ll know there is some amount of paperwork to read and fill out. There is a contract to sign and terms to be discussed and agreed upon. Many people think this is for the protection of CASH 1, but the truth is, a loan contract protects both you and CASH 1 in many ways most people don’t even consider. A contract is a set of rules that both parties are compelled to abide by when they sign. These rules are set up so that there are no lingering questions or doubt about what is expected from both the borrower and the lender.

Contracts are a way of releasing both parties from any aspects that might arise from circumstances unforeseen. The terms of the repayment of the loan are laid out and are not negotiable. This is good for the consumer because they will be able to pay their loan back in a timely manner and know with full knowledge when they will be able to move on after repaying their debt.

We’ve heard stories of family members loaning large sums of money to other family members and then not paying it back for years, and sometimes never. You can imagine the obvious strain this puts on the relationship. And this isn’t always because the loan receiver is somehow irresponsible. Sometimes circumstances arise and they’re unable to pay the relative back and then they just get into a pattern of not having any extra money available for repayment. With a loan from CASH 1, the terms are all explained in detail up front, and there is no worry whether or not the loan will be repaid. And most importantly, no potentially strained family relationship or friendships.

Offering bad credit personal loans services in Nevada and Arizona, CASH 1 can help you out of a temporary financial difficulty and avoid the potential embarrassment of having to ask a friend or family member for a loan. Come see us.

 

Stop Borrowing From Your Friends. CASH 1 Offers Loans For People With Bad Credit.

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Bad Credit Loans, Personal Loans

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