I have been borrowing money since I was in college. I have always felt that it is important for me to understand the perspective of a borrower, so I can better understand how my money is being used and whether or not it is being used responsibly. I want to share with you some of my experiences as a borrower.
I have borrowed money from friends and family members on several occasions. My family and closest friends know that I can come to them when I need a loan, and they know that they will get it without judgment or pressure. They do not judge them based on my income level or credit score; instead, I make my decisions based on their character, who they are as people, and what kind of relationship we have had over time.
As a borrower, I have also had many positive experiences with lending services. In fact, after about five years of being an active lender to a certain company, my average interest rate has dropped from around 8% down to 5%. This has been partly due to the fact that one service gives higher interest rates on newer loans (those within the last 30 days) than older loans.
It was a good experience for me—I learned about financial literacy and how to manage my money, and how to save for things so that I would be able to afford them later on down the road. And now that I'm older and have more experience managing my own finances, it's nice that my parents don't have to loan me money anymore.