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There are many different types of loans, and many different sources from which you can get a loan. Thus, it would seem as though, taking a loan out is a simple process, where nothing goes wrong as long as you pay it back. Well, in many cases, it’s not so simple. Furthermore, depending upon where you take out the loan from, things can be a very big hassle, and you may end up paying back a ton more then you expected. Thus, let’s examine loans, and how to properly and appropriately utilize them.

Now, it’s obvious that you can go to a bank, and take out a loan that you can pay back over a certain period of time with interest. However, it’s key that you understand that you must pay back the loan and its interest within the allotted time, or else there will be penalties; some of which could be severe. Make sure you work with someone you’ve known for a long time, or someone who knows someone close to you. This isn’t to say anything bad bankers, but if the deal seems too good to be true with your loan, it more than likely is.

Yet, another source that is often forgotten about in the world of loans is the process of taking out a loan from your friends and family. This can save you the time and pain of dealing with a bank, but there are many strings attached with borrowing from friends and family. There are also strings attached with loaning family members or friends, and there is a harsh reality. The harsh reality is that if you loan your family member or friend money, there may not be interest, but there’s a great chance that you may never see the money again. Let’s face it the absolute worst thing about borrowing from Family is that, it leaves room for lots of untraceable temptation.

The simple solution when it comes to loaning money out to family or friends is to use your common sense. If a certain family member has a history of borrowing without intent of paying anyone back, than simply say no based upon their past history. This same rule applies to friends as well. Thus, it’s to remember when it comes to banks; know your time frame and make your interest payments realistic. Also, when it comes to family and friends, remember it’s not what you know, but who you know, and you should make your decisions based on that.

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