Borrowing money from friends or family is often overlooked by people as an option due to the embarrassment and stigma that can result. However, borrowing from family and friends can often be much less expensive than taking a payday loan and typically less troublesome if you cant pay it back on time.
If you do take a loan from a family member or a friend - it makes sense for you to document the loan agreement in simple terms (this can be via formal signed document or an email depending on your situation and how strictly enforceable you want the agreement to be). This makes sure you both have a clear understanding of the loan terms and should minimize any misunderstanding.
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