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Small Business Ideas Forum

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Old 10th January 2020, 03:17 PM   #1
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Join Date: May 2010
Location: Detroit, MI
Posts: 1,402
Default Why You Should Never Lend Money To Friends And Colleagues

Borrowing money from friends is a great way of meeting your immediate/urgent monetary requirements. It offers you a chance to repay the loan as per your convenience. There is no rate of interest (in most cases). Most importantly, you are not required to fill any document while borrowing money from a friend.

In all fairness, borrowing money from friends is quite tempting. Some of your best friends (who trust you) will never think twice before lending money. Well, trust is a big thing, much bigger than profit and loss, isnít it? Lending money adds to an individualís goodwill. As a borrower, you are considered trustworthy when you repay the loan amount on time (again and again).

You can also avail easy loans from financial institutions in case your friends and colleagues have refused to lend money to you.

Quite frankly, lending money to friends is not a good idea at all, here are some reasons behind it:

Read more - http://www.smallbizviewpoints.com/20...nd-colleagues/

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