If you have been in a situation where you borrowed money from a relative, you know well that it may not work as expected. It is a good idea to ask for money from a relative if two of you are close enough. It is because of the perceived generous terms and you don’t know various gold loan process to fulfil your financial requirements. Rupeek asks you to be wary of asking buddies and families for financial help. There are probable pitfalls to avoid when asking for money from friends and families.
It Makes you Feel Awkward
The act of asking for monetary help from someone, especially your family members may make you feel awkward. Monetary issues can damage both professional and personal bonds. Letting family members know that you’re falling short of money can put both of you in an unfavorable condition.
It Harms your Self-image and Morale
If you borrow money from friends, it makes you lose self-esteem or confidence. It is because the person you borrow money from thinks that you owe to him. Think of your self-image till you can pay back the borrowed amount. It is why Rupeek says that it is not a good idea to lend money to friends and family members.
It has a “Fine” Print
Though there is no legal document involved, friends and families will expect you to pay off in the specific period. It is reasonable, but it has got some underlying strings attached. Your family member may come to you and ask for help in the future. Even if you don’t grant a favor, you may feel obligated. Your family member may have a you-owe-me attitude based on the loan granted to you.
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It Causes Potential Damage to the Relationship
When you borrow money from families and friends, it has a risk of setting distance from them. It results in some complications or discomfort that others get to know. Even the process of asking for money takes too long, from borrowing to returning them. In such a case you can eliminate dozens of process stress by choosing gold with the minimum gold loan process timing.
Rupeek says that your friends and families may not appreciate the idea of you lending money from them. It puts you in discomfort when your friend asks for the money before you pay off the loan amount.
The Financial Transaction Lacks Clarity
When you borrow money from friends and families, not all things get clarified beforehand. It doesn’t explicitly mention the repayment tenure or interest rate. What if you go through an unfortunate event? Lack of clarity gives rise to the potential dispute in the future. On the other hand, with the gold loan, there is no such kind of clarity issues, at Rupeek anyone with the required amount can calculate interest and other amount using the gold loan interest rate calculator.
Family Members make your Financial Matters a Gossip
Financial issues should be kept private. No value what happens. Yet, you want your matter to stay private. You may trust your family members. But you can’t rely on them to keep your topics to themselves. Rupeek says that it is not good to borrow cash from friends and family members.
Why should you go for a Gold Loan?
Apply for a gold loan online to evade the higher interest rates. Everyone in need of finance should go for a gold loan. The gold loan has a low-interest rate, zero restrictions, and no credit check. For more info, contact Rupeek today.