What is a Family Loan?
There are several ways to take a family loan. But no matter what, it turns out in all cases that all parties win on it. With a family loan, you can avoid the high interest rates associated with classic bank loans, and from the parents’ point of view it is possible to help their children with large payments.
So there may be some sense in giving this type of loan
As parents if you are young and want to buy housing but do not have the capital in the bank. However, Leno Valdemaras recommends not borrowing money from the family unless it is for housing expenses. Even in this case, you need to be aware of getting the agreement drafted, and possibly get a lawyer to look it through, since everything else is equally indebted. With this type of loan, you are indebted to your family, which means that there is a greater sensitivity to the loan. If the parties involved get mad at each other, having a family loan between them can get really uncomfortable.
Loans for small things
At Leno Valdemaras you do not have to borrow for the big expenses as payment for housing, as you can borrow a maximum of 20,000 kroner and not only that, we will make a instant transfer when you are approved. So with us you can borrow the small amounts that you often end up borrowing from parents.
With us, however, do not account for what you spend the money on. Then use our loan calculator and find out what you can borrow with us before you borrow with the family. The only time when the principal and the outstanding debt are the same is if you have not paid off your loan yet.
You now agree that your principal is equal to your initial debt, which is an amount that does not change.