Dalvin Brown
speaker
364 appearances
7 recordings
1 series
first heard May 2024
last heard Nov 2024
Dalvin Brown’s voice in public audio — every appearance, attributed to the second.
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Appearances
The charges vary depending on the app.
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Some are like $3.99 a month.
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Some may charge a higher fee when setting up the loan but take a smaller percentage from each transaction.
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So it's important for users to compare the different tools to find out which offers the best balance of features and costs for them.
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In an ideal world, the terms of the loan are set and agreed upon by both the lender and the borrower together.
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The online tools provide a template and guidance to help you outline the terms of the agreement, the amount, the payment schedule, the interest rate, and any penalties for late payments.
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And taking a collaborative approach will ensure that both parties agree to the terms before finalizing the loan.
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Generally, both the lender and the borrower can kickstart the process.
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You can start the process of requesting money from your aunt and then send her a link to these services.
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Also, if someone hits you up asking for money, you can kickstart the process of saying, hey, these are my terms and send it to them to see if they agree with them before moving forward.
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there can be a bit of an honor system in place.
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For one, you don't actually have to charge interest.
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The IRS just says that if it's over $10,000, then you probably should to avoid any complications later.
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But lots of people don't.
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For some of these apps that don't facilitate the payment transfers directly, you do have to send a Venmo or a Cash App payment outside of these services.
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But
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But with them emailing you to tell you that you have a payment due or letting your relative know that you have made your payment, it really can streamline stuff and kind of get rid of some awkward conversations.
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That's one of the reasons financial advisors typically warn you not to lend large amounts of money to relatives because there is no traditional credit check needed.
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And so you determining your...
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relatives' creditworthiness is really a big risk.
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Showing 341–360 of 364 · page 18 of 19
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