Winning the State or Postcode lottery and never having to worry about money again, we all want that. Unfortunately, 99.99% of the time it stays with dreams and you will have to come up with other ways to make ends meet. One month it works better than the other, and you may sooner or later end up in the situation that you will have to borrow money. There are different ways and companies where you can take out a loan, each with their own conditions, advantages and disadvantages. Taking out a private loan is just one way to get extra money quickly, but how do you do that?
A private loan: where and from whom?
For a private loan you obviously do not turn to your old grandma who is struggling to make ends meet from her AOW. Also family members with whom you have only sporadic contact are not an obvious “credit institution”. But if you have family and / or friends with whom you have a good contact and who live easily, you could approach them for a private loan.
No wealthy family members or friends? There are also other ways to find individuals with whom you can take out a loan. For example via the internet. Hereby it is important to (continue to) use your common sense and not to fall into nice talk. You will not be the first to be asked to transfer a certain amount “to prove your creditworthiness” after which you will no longer hear from the “lender”. Think before you begin!
A private loan: that’s how things are going
If you borrow from family or friends , it is important that you make good agreements about the private loan in question. In this way your good relationship is maintained and the money loan goes to everyone’s satisfaction. So always make good agreements about:
- the amount of the loan;
- the calculation of any interest;
- the period within which the loan must be repaid;
- the amount and frequency of the repayment terms.