Are you financially challenged these past few months? Filipinos started to feel infuriated towards the government officials, due to the effects of the inflation rate in the country. Including the increasing tuition fees at the university, fare hikes and yet your salary income is still the same.
Although, borrowing money from your relatives is quite easy, there are still calculated risks. It’s better to apply for a personal loan to money lending company with a contract.
Moreover, here are the facts why it’s better to approach money lending company rather than your family.
- Social Awkwardness
Let’s get straight to the point, money lending company will not stop you from buying the clothes you want and eating at your favorite restaurant, for as long as you are paying on time. Meanwhile, if you resume in borrowing money from your relatives then you happen to celebrate small success in your life, there would be a tendency of unwanted dialogue.
When we say unwanted dialogue, some extended family members tend to be superior to your spending habits. Since they know you have borrowed money from them, they may think that you are just wasting it.
- Lack of clarity
Before you get the personal loan, the money lending company will ensure that you understand thoroughly everything indicated in the contract and signed. The contract also helps you to understand the policies as well as the consequences if ever you failed to pay your loan on time. There’s no other way moneylending will start spreading gossips about you.
- Instant Cash
Once your personal loan is approved, the moneylender will deposit the funds directly to your local bank account. If you opt to borrow money from a relative, there are instances you will wait for their response for hours, weeks or even months, if they are not willing to lend you money.
It’s always a good choice to apply for a loan to trusted moneylending company rather than having debts either to family and friends. In fact, moneylenders offer flexible payment methods such as weekly, bi-weekly or monthly depending on your choice.