Financial Aid- Can it maintain a healthy Relationship!

Financial Aid
Financial Aid

Though it can be considered getting loan from one of the family members, it may not work as thought it would be, always. There are certain drawbacks that cannot be overlooked, especially if the lender is quite close to you.

It can be awkward to ask for funds from a relative as the exposed financial status will make it uncomfortable for those concerned, as financial matters are something personal.  And, if the person who is approached cannot raise the needed funds, it might be a pressure to him. He may be able to lend the loan, but would be reluctant to do so, or his financial conditions may not be as per your assumption, but he would be straining himself to support you. May be in some cases, he would have agreed to provide the needed funds, but unfortunately he would have got some emergency expenses. In such a situation, he might be either straining himself to try some means to raise funds for you, or he might be distressed to think that he has to refuse the loan suddenly.  Or, it is even possible that he neither has money, nor the interest to help you, but he might entertain himself with his gossip about your situation.

Between the family members, there may not be any official document recording the details of the loans. The loan is expected to be repaid, which is quite reasonable. Though you do accordingly, you might have a feeling of obligation when you are approached in future for some favor. It will lead you to exert yourself to satisfy him, feeling that you are obliged to do so. On the other hand, if you are unable to return the loan for some reason, the consequences cannot be predicted. The outcome depends on the nature of the lender, the current financial position of the loans for bad credit lender, or the sources that influence him. It may result in irreparable damage to relationship.

The gossip spreads fast and so it is always better to keep the financial issues private. You can never count on the relatives for funds or for keeping your situation private, even if they could not help you. If at all, you are supported by your family in your financial crisis, you should be specific about returning the money at the earliest. There may be situations when he might be in need of urgent finance. He might think that he would not have the stress in case he has kept his money secured instead of helping you.

If your approach to your family member for unsecured loans materializes and if you pay back the money without any inconvenience to both of you, it really sounds good. But if you are not able to get the support, or if you are not able to pay back as specified, it cannot be guaranteed that your reputation remains clean. There are people who are keen about spreading words to all they come across, about your case and it may prevent you from getting support in future and above all, you are sure to lose your peace of mind.

 

Financial Aid- Can it maintain a healthy Relationship!