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A loan from a family or from a loan company?

 

We can borrow money not only from the bank. We can also take advantage of offers from loan companies or simply ask for help from our relatives – parents, siblings and parents-in-law. What is it worth deciding when we need extra cash ?

A good loan does not have to cost us a lot. However, it is worth taking the time to find one that will also be comfortable for us. Often, it seems to us that the best solution is a loan from someone in the family – we do not have to pay any costs as in the case of ordinary loan offers. On the other hand, not everyone in our family has the money to borrow money or simply they may not have the amount we need.

A loan from a family – what is worth remembering about?

A loan from a family - what is worth remembering about?

When someone from the family can borrow money, in this case it is worth making a contract. In the case of an amount from PLN 500 and up, it is indicated. Such a contract then secures each of the parties to the transaction. We can download the contract template without any problems from the Internet, print it and fill it. Two copies should be prepared.

However, we must remember that loans in the immediate family may be connected with the need to pay tax! Loans among the closest family, that is when the spouse, children, grandchildren, parents, grandparents, siblings, parents-in-law, take them, we must notify the tax office.

When we borrowed less than PLN 9,637 from one person in 5 years, we do not have to report it anywhere and we do not pay tax on it. Higher loans must be reported to the tax office and properly documented, because otherwise we will have to pay a considerable tax!

Or maybe a loan from a loan company?

If the loan from the family is not an option, in this case we have nothing else to do but to go to a bank or loan company. We should remember that banks have higher requirements, while in non-bank companies it will be easier to borrow – especially for smaller amounts. We can also receive such loans via the internet.

Loans from loan companies are available at your fingertips – we do not even have to provide documents confirming our income to get the sum we need. Of course, a lot depends on how much you want to borrow. When this is a larger amount, the best will be the installment loan, for which we can go to the loan company stationary or we can apply for it online, that is, we can arrange everything from our home.

The advantage of borrowing from the company is the lack of need to involve the whole family. Many of us certainly know that loans from loved ones may be easy to get, but then they can cause a lot of family tensions. In addition, the borrower may feel indebted to the lender not only financially but also morally. If we do not want to become addicted in this way from another person, simply choose a cash loan from the loan company. We will pay more for it, but we will not have to ask for money from someone close to you, which can also be embarrassing.

 

About Nathaniel Myers

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