Getting personal credit from friends, family or close friends can be the solution to regain financial control of your life. I had spent all my personal savings on my marriage and out of nowhere my business broke down. The year was 2014, my wife always dreamed of having a princess wedding party and I spared in the effort and money to provide it to her.
At that time, I was a partner in a company that was doing well, had some money invested in investments, and great prospects for the future. Three months after my wedding, my company, which sold a post office logistics control system to some large e-commerce, saw the post office restructure its entire operation and make it unfeasible. And it went something like this my first year of marriage: no penny saved, with expensive debts to pay and unemployed.
How I got back the financial control of my life
The first step was to return to the market. Having a fixed salary would help me a lot in this restart. The problem was that almost all of my income was to pay high interest rates on credit card debt, overdraft and loans I had borrowed.
Indebted and without credit approved in the market, my hope was to turn to a friend. I made a financial plan showing that with my salary I could pay him a certain amount for five months, with interest included.
It would not be nearly what I paid to the banks, but for it it would yield much more than savings, for example.
It was crucial to show this friend that I had financial availability for payment, that I made a planning and that it would be a good financial investment for him. Besides helping me a lot, he could make more profit than investments like CDB, Savings and Selic, for example. At that moment, no bank would help me. Although I could afford to repay a loan, had a good track record as a consumer, and had credit at times I didn’t need it, when I needed it most, I was a red stripe for banks.
Luckily, the loan this friend provided can rebalance my accounts, reestablish my financial life, break out of expensive debt, and get out of this bad phase.
How did I reuse this experience in my professional life?
About two years later, another friend called me to be a partner in an app he was developing, something totally innovative that allowed friends to lend money to each other, legally charging interest and still taking the main hurdle of the business that is boring part of : “What if my friend doesn’t pay? I’ll have to charge and it will end the friendship. ”The app automatically charges, reminds your friend of the bill of payment dates, and will pay you more interest if you delay a payment.
I remembered the situation I had been through and how saving that loan was in my life.
Embarking on the project would be the way to go against a banking system that offers you an umbrella on sunny days and takes off in rainy weather and can also help foster this kind of investment, which can be a great deal for both lenders, as for those who need it.
If you are going through something like this, it is important to understand how to rebalance your accounts and perhaps a loan between friends and relatives can be your salvation as mine was. Borrowing a friend from Mutual is quite simple, try it.