Why Choosing a Personal Loan Over Borrowing from Friends is a Wiser Financial Decision?

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When individuals need funds quickly, they mostly look up to their friends and family to borrow money. While some dear ones might be supportive enough to lend a helping hand, unexpected situations may sometimes put their relationships at risk. That is why borrowing from a reputable NBFC is a much wiser financial decision.


Usually, people do not record the loan details and repayment terms when they borrow money from relatives or friends. Such transactions do not spell out the loan tenures, repayment options, interest rates, etc. Verbal agreements in place of written contracts lead to disputes and confusion. On the other hand, Personal Loans from reputable NBFCs have clear terms and conditions that do not leave any space for doubts. 





Moreover, when people borrow a lump sum from a friend, they agree to repay it within a specific period. Mostly, the friend may not agree to accept the repayment in equated monthly installments (EMIs).


However, when people take a Personal Loan from an NBFC, the loan amount is divided into EMIs, making repayment easier for the borrowers. Additionally, the borrowers retain their self-respect in front of their acquaintances and do not risk their relationship due to non-payment on time. So, taking a Personal Loan instead of borrowing money from friends is a much wiser financial decision.

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