If you are deciding between borrowing money from a friend or borrowing from a payday lender, you are certainly in difficult straits and we hope that you never find yourself in this situation again. However, our hopes and your wishes are not going to make the problem disappear. For some reason, whether through no fault of your own or as a direct result of your shortcomings, things have come to pass that you do not even qualify for a credit card, which could have easily allowed you to absorb an emergency until your next payday. Therefore, the choice has really come down to two unpleasant alternatives: payday loans or loans from friends.
Let’s talk this out, shall we? First of all, why is this even a question when Shakespeare answered it long ago in the text of "Hamlet"? You will remember that as Laertes is leaving for school in Paris, his father, Lord Polonius, warns him that he should not borrow or lend money because it usually means losing the money and the friend. Furthermore, Polonius explains, whenever you lend money you are not helping the borrower to learn how to manage and conserve resources. "Neither a borrower nor a lender be, for loan oft loses both itself and friend, and borrowing dulls the edge of husbandry." In other words, of course you should not borrow from friends.
If you are still harboring thoughts of getting money from friends, you have already decided which ones might get offended even if you overcome your embarrassment about asking. You know which of your friends will feel betrayed by such a request. But can you really know which of your other friends might react in a similar fashion? If you go to the most kind and loving friend that you have and ask for money, the problem there might be, not that it causes offense, but that the friend will incur the anger of a spouse or go into debt just in order to assist you. We hope that you have friends who are this supportive. But please don’t test them.
Somewhere in between these extremes, you will, no doubt, find a friend who won’t be offended and who won’t go into debt to help you out of your debt. The downside, however, is that you have now clouded your relationship. The request might make your friend feel as though you are better friends than you actually are, which can result in an unpleasant energetic shift in the relationship. Or you might develop a sense of indebtedness that doesn’t disappear even long after you have paid back the loan. Conversely, your friend might hold the situation over you for a long time, expecting favors from you even years after you settled. You don’t need that in your life.
Nothing good can come of borrowing money from friends, which is why we publish payday loan reviews. Even the best UK payday loans are usurious; usurious in the moral sense, not the legal sense because morality and legality do not necessarily align. Let us be clear, the only way to use instant payday loans without becoming a statistic is to use them in the manner in which they are intended. A payday loan is something that you repay with your very next paycheck! When you delay repayment by more than 30 days, interest rates, fees and penalties quickly transport you into a state of indentured servitude from which it will be difficult to extricate yourself.
Borrowing money from friends or borrowing from a payday lender are unpleasant alternatives. The lesser of the two evils is to take short-term loans from payday lenders. Yes, you will pay for the convenience. For example, if you borrow £200 for a month, you will pay £50 or £60 or even £70 for the privilege. You must settle that debt within a month, or the loan will eat you alive. It is best to treat quick payday loans as an extreme remedy to a rare event. Use the occasion to reconsider the boundary between your wants and your needs. Set a goal of building credit. Credit cards are a more affordable way to absorb life’s inevitable emergency expenses.
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