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At some point or another in their lives, everyone finds themselves needing a little bit of money. Sometimes, it's a lot of money. If you find yourself in this position, there are a number of different things you can do. You can get a payday advance loan, apply for a loan through a bank, or ask for an advance on your paycheck. But one of the easier and cheaper methods is to borrow money from your family or friends. There are a number of reasons why this method is often preferred.
No Credit Checks
Your credit won't be a factor. If you go to a bank or credit union, your entire credit history may be scrutinized. Any missed payment, even if it was from years ago, may prevent you from getting a loan. Often, it doesn't matter if you can explain why you missed the payment. The formula says you don't qualify for a loan, so you don't get one. Family or friends, if they even ask, will be willing to listen to your explanation about your credit history and why it's important you get the money now.
On Your Terms
Getting a personal loan from someone also has the benefit of having no interest (unless you agree to it) or a due date. Often, your friend or relative will say you can pay back the loan when it's within your means to do so. While this isn't an invitation to never pay it back, it does give you some room to improve your finances without an extra monthly payment.
If you ask for an advance on your paycheck, it may affect your work life. Even if your boss says he or she is fine with it, there's a chance that they will subconsciously treat you differently. Asking for an advance may also be a sign that you're not good with finances, which might mean you get passed over for projects involving large sums of money.
Payday loans are similar to advances, but they don't affect your work in any way. The only difference between one of these loans and borrowing from family or friends is that you will have to pay a service fee. These short-term loans can be helpful if you don't have anyone willing to loan you the money.
Another benefit from borrowing from friends and family is that they're willing to work with you. For example, if you have a monthly bill you're having trouble paying, they may agree to loan you a little bit of money every month instead of one lump sum. They might also agree to take over the bill and pay it directly. Sometimes, your friend or relative may even agree to an alternative payment method such as helping them with a project in exchange for the money.
Remember that even though it's a personal loan, it's still a loan. Be sure you and the person you're borrowing from set out the exact terms of the loan, including how much it's for, if there's any interest, and how and when you'll pay it back. You may even want to put everything down in writing just so there are no disagreements later.