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The Disadvantages of Borrowing Money From Moneylenders
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[QUOTE="King bell, post: 265494, member: 75687"] The Disadvantages of Borrowing Money From Moneylenders Borrowing money can be one of the most difficult things people will do. You’re not just borrowing money, you’re taking on a burdensome responsibility. This is why it's so important to know that borrowing from a financial institution doesn't need to be risky simply because it's more expensive than personal loans. The biggest disadvantage of borrowing money is you're taking on a responsibility that can affect your life in many negative ways. Personal loans are meant to avoid these problems, not cause them. However, for those who are struggling financially, there are disadvantages to borrowing money from a moneylender as well: One of the most disturbing is that you have to pay some very high interest rates. As mentioned earlier, there is a lot more risk involved with borrowing from a loan shark than from most other financial institutions. If you borrow money from an individual it's unlikely that they will be able to lend very much because they would be losing out on the interest they could get by lending the money out elsewhere. [/QUOTE]
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