Applying for a loan to a relative, friend or acquaintance has some disadvantages that you should know about. These cases are highly sensitive, because they can harm your interpersonal relationships if they are not treated in the right way.
In this blog we want to share some of the disadvantages of informal personal payday loans , and give you a comparison with the loans in supported banking entities.
Some of the most obvious disadvantages are forming an economic commitment with a person with whom you maintain a personal relationship.
Money is always a sensitive issue and the ability to borrow is a fact that, almost always, can only be obtained by someone who works with credit.
When you request an informal payday loan , you risk being bad with the person who is providing it. This can generate friction, misunderstandings and even unexpected collections and lack of control in the process.
Some people and companies that offer loans have interest rates similar to those of a credit card. In this case, it is better to request a loan from an entity that offers an interest rate on the capital, and you can cancel the loan within the agreed deadlines.
The disadvantages are also related to the little control that this type of loans have. It is better to apply for a loan in a formal entity with support, which will take control of your payments and payments.
Having a formal and institutional support will give you peace about your payments and debts. In addition, it will benefit your credit record if you comply correctly and in time with the assigned payments.
Benefits of payday loan
When you are in debt and apply for a loan, you will seek to avoid damaging your cash flow by offering loans that adapt to your ability to pay.
In this sense, you can request a personal payday loan at the agency of your choice. You may or may not have a planner account at Banco Industrial. It is also important that you present your DPI and receipt of services.