Borrowing money from friends is a great way of meeting your immediate/urgent monetary requirements. It offers you a chance to repay the loan as per your convenience. There is no rate of interest (in most cases). Most importantly, you are not required to fill any document while borrowing money from a friend.
In all fairness, borrowing money from friends is quite tempting. Some of your best friends (who trust you) will never think twice before lending money. Well, trust is a big thing, much bigger than profit and loss, isn’t it? Lending money adds to an individual’s goodwill. As a borrower, you are considered trustworthy when you repay the loan amount on time (again and again).
