Many financial pundits have rendered opinions against borrowing money from title loan, payday loan, and other high interest rate loan entities. These type of financial vultures can ruin your life by repossessing your car or spending your paycheck before you get a chance to.
Do understand that it was likely your improvident spending that got you into the jam, but please do not make it worse by paying unlawfully high interest rates to dig yourself out of hole you should not have been in to begin with. I know there are unavoidable medical emergencies and other dire instances where everybody needs quick cash, but so much of the debt we incur can be avoided.
I read with a great deal of interest an article by Casey Slide, a financial adviser with a sexy smile and mouth, that detailed the perils of lending money to friends and family. Her article opened with the Shakespearean “neither a borrower nor a lender be”. These words were spoken by Polonius as he admonished his son Laertes against lending money to friends.
This advice from the play Hamlet certainly maintains its value today as one should always question why a good friend would compromise your friendship by pressuring you for a loan. Slide cites Biblical scripture from Proverbs indicating the borrower will feel beholden to the lender creating tension that could result in the dissolution of the friendship, especially, if the borrower(the so called friend) does not pay off the loan in a timely fashion.
Next time a “friend” asks you for a loan, pause and reflect on their past behavior and whether they are really a friend.