Do not lend money to family or friends

Money is a big aspect today, without which people cannot live. Money is need for nearly everything. Starting from food, clothing, studies to shelter. Many people do not understand the value of it and hence they use it unnecessarily. Some of them use it intelligently by saving it or investing it on something. Investing helps always as one knows, when the value on which the investment is made will vary. It can be a car, gold, shares etc. For example: if a person has invested his money on shares, any rise in the value of shares will rise his money as well. But share value will not be the same always. People should understand the value of their money before they invest or save it. There are procedures for one to save money in a bank. Bank needs many documents to be submitted. Instead one can lend money for higher interests. Lending money will give back more than what the person had initially. Lending money to family and friends is risky. This is because of several reasons. One cannot charge higher interest rates for family members or friends. The money lender cannot fix a schedule due within which the borrower must repay the money. Sometimes, they cannot face each other in family gatherings as they would be reminded of the money borrowed. There can be chances when they can ask for more money without repaying the old borrowed money. The difficult part is they knew the money lender has money and ask them and the money lender cannot refuse to give them the money. It is better not to lend money to family or friends due to these reasons. This will only lead to relationship breakups and enmity within the family members. Because the one borrowing would not want others to know about this and failing to repay the amount will make others easily come to know about this.

Choose experienced lenders

This is the main reason one should choose to borrow money from licensed and experienced money lenders. They have good reputation and are not some random lenders in the corner of the road. They have testimonials in websites to which they are tagged and hence people can know about them better. Licensed money lenders understand their customers and hence do not charge very high interest rates. Jefflee credit is one of the legal low interest moneylender in Singapore.

Popular money lenders In Singapore

Being the lowest interest licensed moneylender in Singapore, Jefflee credit offers all loans including business personal and financial loans. They provide security to the customer’s security data and stand as the ethical licensed moneylender in Singapore.

Comments are closed.

  • Partner links