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Do Not Borrow Money From Family

Posted by: headm on: October 1, 2013

Borrowing money from a family member may not be to your advantage. You may feel obliged to go out of the way to please them; furthermore, you may not be able to refuse to do stuff for them since you owe them. If you need money to go back to school, apply for a loan from a reputable financial institution. The financial institution could request you to buy payment protection insurance (PPI) policy before they loan you the money. Using a PPI calculator determine how much to claim after you pay off the loan. You may click here for a PPI calculator to calculate your claim amount easily.

You may experience awkward moments when you attend family gatherings if you have not paid off money borrowed. Your relative may be afraid to ask you for the money borrowed leading to a stained relationship. It is better to borrow money from a financial institution than from a family member to maintain a healthy relationship. There are several financial institutions that will offer you a loan even with bad credit. They may however sell you PPI before transferring the money into your account. Once you pay off the loan, make a claim for this fund; you can use a PPI calculator to determine how much to claim.

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