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Personal loan
Which is more advisable lending money from bank or friend?
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[QUOTE="Kingsley, post: 247329, member: 30278"] It is always better to access loansfrom friends and family members rather than going to banks and other microfinancial institutions for loans, this is so because when we consider the rigour of accessing loans from banks as compared to that of friends we will realise that accessing it from friends would be far easier and cheaper than accessing from banks. Banks would involve collateral and there would also be some sort of financial implications that will make it somewhat cumbersome to access. Then in the case of a default in terms of repayment then it would certainly result to a huge loss because the banks would never be patient enough to get for the business to recover but will immediately lay claims to the property of the business or to the initial collateral that was presented before them. But on the other accessing loans from banks could be advantageous because it will in still some level of seriousness in the business owner rather making him or her feel relaxed, business owners normally stay on their toes working very hard to meet up with the loan obligation and this also helps them to excel in their businesses aswel. And it helps to curb the stigma that might arise from borrowing from friends. [/QUOTE]
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Which is more advisable lending money from bank or friend?
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