As banks become more and more conservative, lending options decrease.
A family loan may be tempting during these times, but is it a good idea? Using a family loan usually means a lower interest rate for borrowers than they can get elsewhere. It can also be a source of income and warm fuzzies for lenders.
Before you use a family loan you need to think carefully. Make sure it's a win-win situation, and be sure to document everything. Bad family loan experiences can make Thanksgiving dinner taste a little bit different, and they can create financial hardship for somebody who's just trying to help.
Whether you're a borrower or a lender, find out what to consider before using a family loan.
Further reading:
- Read & Share: How We Used a Family Loan
- 7 Sins of Family Loans
Howdy!!! Happy Thanksgiving!
Thanksgiving is 1 of my favorite holidays, and every yr I like to get into the mood-extend the holiday, since it were-by reading “Thanksgiving novels.” For example, most of these stories are mostly about family, about coming together to heal old hurts and giving thanks for the gift of love. . . —–
Do You Think You’re Far better Off Today Than You Were six Years Ago?