OK, so I'm in this jam...I need money for school...I'm about 10000 short. So, I have these two options:
Borrow it from a friend, or take out a loan.
Obviously no interest money from a friend is better than the loan (6% interest) but the thing is that borrowing money from someone impairs your relationship and you probably have to give it back sooner than the loan. And in case something goes wrong (like you don't get a job, or get fired), you can still afford the lowest payment for a loan as opposed to telling your friend that you can only give back 200 bucks until you get a job. So, which option is better in your opinion?
2007-02-27 02:40:48 · 13 answers · asked by Kat ? 4 in Business & Finance ➔ Personal Finance
Go with the professional lender.
A school loan from a bonifide bank is safer and won't cost you a friendship.
Plus, you get to write off the interest on your taxes.
Bottom line - investing in education is the best money spent.
But do it through an accredited bank or lending institution...and see if you can negotiate lower interest rates or longer payment terms.
2007-02-27 02:50:38 · answer #1 · answered by docscholl 6 · 0⤊ 0⤋
Always go with the loan. If you borrow large amounts of money from a friend then it's no longer a friend. Even if you pay it back fast, it still changes things. Loan Loan Loan.
2007-02-27 10:44:39 · answer #2 · answered by heartscared 3 · 0⤊ 0⤋
you know that money boprrowed from a freind never gets paid back. Everyone will tell you that. dr laura, robert kiosaki are a few don't put someone you care about in that situation. they may not be able to say no because they want to feel compasionate. 10k short. that probably is about six months saving every penny? necessity is the mother of invention
2007-02-27 10:52:55 · answer #3 · answered by sam hill 4 · 0⤊ 0⤋
I don't like borrowing money period, see if the school has a payment plan. Or else save up till you have the money then go to school.
2007-02-27 10:45:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Never borrow or loan to family or friends. EVER.
2007-02-27 10:44:23 · answer #5 · answered by kaiticometrue 3 · 0⤊ 0⤋
I would personally take out a loan. You don't want to have to deal with your friends finacially.
2007-02-27 10:44:51 · answer #6 · answered by Shmesh 3 · 0⤊ 0⤋
Take out a loan, keep you r friens and your money separate.
2007-02-27 10:49:11 · answer #7 · answered by Your managers favorite manager! 3 · 0⤊ 0⤋
Loan. its way easier to handle
2007-02-27 10:43:56 · answer #8 · answered by Anonymous · 0⤊ 0⤋
go with loan...ull keep the friend and pay for school
2007-02-27 10:43:22 · answer #9 · answered by jenivive 6 · 0⤊ 0⤋
Go find Mohammad Yunus :)
2007-02-27 10:43:45 · answer #10 · answered by THEGURU 6 · 0⤊ 0⤋