Informal Loan
Many people who have financial problems And looking for funding sources It is difficult to ask to borrow money because making a request to borrow from a financial institution May take a long time And have to prepare many documents Until some people have to turn to pay off the informal debt because it's not complicated and most importantly get money fast But didn't think of the consequences
"Informal debt" means the informal loan. Debt that the lender is not a financial institution system Or a person who is not allowed to operate a loan business under the law Tend to charge more interest than the rate required by the law (15 percent). In general, it looks superficially like an informal loan will help to make money faster And do not have to pay back a large sum of money But when considering the interest May cause to pay interest at up to 35% per year at all
If it is an informal debt Should release all informal debt as soon as possible Because it's not just the many interest that comes with borrowing But there may be strange and brutal debt collection, as is news many times, so informal debt repayment methods May be achieved by Looking for a source of loan in the system with cheaper interest rates to pay off the debt Or may give up part of the property To preserve most of the assets It's better to let the interest build up until you can't pay the debt.
How to escape from the informal debt. Can be done by
1.) Financial planning in advance And spend economically, such as anticipating costs that may occur Record income Daily expenses
2.) Thinking about the need to use money before borrowing.
3.) Study the details of the lenders And good payment terms or interest rates
4.) Check the details of the loan agreement well, such as loan amount, loan amount, interest, etc.
see also finance and business knowledge
