Why borrowing from family members or friends is not a good idea in the long run
Quite often when you’re in a financial dilemma or crisis, and all doors seem to be closing in on you, you tend to look out for convenient solutions like seeking help from a family member or a close friend. You may think it’s cost-effective and less time-consuming to obtain a loan from them as compared to a licensed moneylender, but taking a loan from a relative or friend can lead to other complications in the long run which may damage your relationship.
Here’s a look at some fallout scenarios which you must consider before seeking their help.
As convenient as borrowing money from someone near and dear is, a loan taken from a friend or family member comes with its own set of risks. To avoid these scenarios and conflict, visit a licensed moneylender or financial institution for a hassle-free solution – you’ll be in good hands as they’re experienced and professional in their work. The money lending industry in Singapore has been evolving over the years and is regulated within the finance industry, so you’re in good hands.
At Soon Seng Credit, loans come with affordable interest rates and flexible payment options.