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Personal loan
Which is more advisable lending money from bank or friend?
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[QUOTE="Augusta, post: 247170, member: 25283"] I'm no advocate of borrowing money from anywhere, because anyone that goes borrowing goes sorrowing but if I'm still faced with the option of choosing then I will go with borrowing from a friend. The condition or conditions a friend will give will be milder than that of a Bank. Bank loans come with high interest rate and there's always a fast return duration. I know it my cousin that got a loan this week and was expected to start paying from next week. I was wondering how they expect such from someone that wants to invest the money in a business. Again banks would need a collateral sometimes even with very small loans and if you default in payment then your asset you used as a collateral is gone. But with a friend you might not face all of these as the friend will be kinder with his or request. Most friends would not even need any interest just make sure that the money you have borrowed is returned and that's all. Even the duration of repayment will be made by you the borrower. A friend would want you to suggest a time that would convenient for you to make a repayment which is the best way [/QUOTE]
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Which is more advisable lending money from bank or friend?
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