What is your first thought when thinking about asking for a loan from the bank? If you do not have a pre approved credit line (who does?), You immediately think of queues to speak to the manager, bureaucracy and large fees you will have to pay and still think that all this will result in a no.
Am I right? Therefore, a loan between people can be much more advantageous, see the 10 reasons for you to borrow a loan from a friend , not the bank.
1 – Lower rates:
The average rate on a personal loan is around 7% * per month, the credit card and special check rate are up to 14% per month. For example, if you offer your friend a rate of 3.5%, it would be much more advantageous than going to the bank.
2 – It’s good for him :
If your friend has money invested in common applications such as Selic, CDB or savings, he knows these applications yield very little about up to 0.8% * per month. Offering him a rate of 3.5% per month, for example, would be about 4x better than other investments. And remember that you would pay less interest than the bank.
3 – Reduced bureaucracy:
Nowadays, you can do everything online, think about heading to a place, waiting to be served and gather “documents”, enough to give chills. Your friend is close to you and everything can be resolved online.
4 – Flexibility :
Sometimes the limit we have available for credit is not enough to meet our need. So resorting to a friend may be simpler to meet the credit demand you need.
5 – Everyone grows up:
When borrowing money from a friend or relative, the money plus the interest goes back to that person who is close to you. Instead of a bank making a profit, it is the people around you who make a profit and you have your demand for credit met.
6 – It’s fast:
Your friend is on your whatsapp contacts list, your bank manager is not. Sometimes the need for money comes with a certain urgency and this time can be better served by a friend who has that financial availability.
7 – Dirty name is not so limiting:
Obviously you should be very clear with your friend and talk all the reasons your credit need and how you want to pay. For a bank, the numbers are more important, so even if you want credit to clear your name, the bank will only see that you are negative, your friend does not.
8 – The bank does not know you:
For a bank, the reasons for the need for credit may not come into play. Understanding the need for credit and the motives to lend to you is critical to your friend. This connection is very difficult to have with a bank.
9 – Build confidence:
They talk so much that lending money to a friend can be a factor in losing their friendship. However, this only happens if it is done the wrong way. If you do it the right way, with planning and control and paying the loan right, it creates a lot more trust between you.
10 – He will not try to sell you something:
It is very common to get into a bank manager with some need for credit and even push various services such as insurance, securities, pension and other fees and services that are not useful and even advantageous financially. Unfortunately this is a practice seen in several banks, but if your bank is your friend, it certainly will not try to sell you anything. (I.e.
Well, that’s it. Do you agree with us that it is more advantageous to ask for a loan from a friend?