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Loan companies usually give the first loan for free. This means that if a client lends $ 2000 for a period of 30 days from the company, he will have to pay back so much. Unfortunately, the loan is free only and only when it is given back on time. This is very important. Many people decide to make a commitment, without realizing the consequences that may arise when we do not repay the loan on time. Each day of delay with payment means additional interest, which must be added to the loan amount. It is rare for people to give out a loan on time, because it is taken to pay off another loan. Many people think that these companies prey on human misfortune and drive their clients into even greater debt. However, it should be remembered that people take a loan voluntarily and they must assess whether they are able to return it on time. This is not a fraud of loan companies, and irresponsibility of people who have fallen into loops of obligations.
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Loan companies know that many customers are seriously indebted. Companies that provide the first loan are usually cautious. Lack of repayment on time means huge losses for the company, because in the event of failure to pay, the company must add money to cover extra costs. These types of companies must have a large supply of cash, so giving a moment to doubtful clients may be a loss for the company.
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It is surprising, however, both parties can benefit from a free weekend. Customers benefit because they received a large cash injection to achieve their goal, while loan companies thus acquire new customers and build their database. In this way, more people become new customers of the loan company and use their services in the future. In the database, of course, there are also applications of rejected people. It is usually the case that people who have borrowed for free will re-use the company’s services. The new loan will, of course, take place under new rules, i.e. on the return of the loan with interest and any loan charges. In this way, the loan company earns. Often, such companies tempt with interesting offers even those customers who do not need cash injection at the moment. This is a psychological and marketing activity. Harassment by telephones, sending sms encouraging to take advantage of a tempting offer are just a few of the activities of loan companies. In addition to loans, such companies offer their clients attractive discounts and insurance.
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When a person decides to get a payday, he must consider whether he is able to pay his debts. This is the first rule. Lack of permanent work can cause interest and debt to grow steadily. It is worth to browse rankings and internet forums to check the best loan company. It is on such sites that all information and possible inconveniences that other borrowers have made in the loan process will be obtained. It is worth choosing a company that is already on the market for a long time. New companies may have more interesting proposals, but also such a company may go bankrupt. The loan decision must be aware. Often, people, through ignorance and irresponsibility, had many problems accusing the loan company of fraud, which they really did not allow.
Financial loans granted to a family or close friends are still very popular. However, it is worth knowing what amount is exempt from tax and what should be reported to the tax office. The obligation to settle the tax liability is imposed on the person taking the loan.
A loan agreement in a family can be concluded in any way – verbally, in writing or in the form of a notarial deed. If its value is higher than $ 500, it should be written in the form of a written contract. The document should include details of the lender and borrower, time of transferring the money, date and method of return (once or in installments). You can also reserve the right to charge interest on the borrowed amount (contractual or statutory). As for the costs related to the conclusion of a contract, it is subject to a tax on civil law transactions. It amounts to 2% of the total loan value, and the obligation to pay it applies to the person taking the loan. The borrower must submit a PCC-3 declaration to the relevant tax office and pay the entire tax within 14 days from the moment the tax obligation arises, ie from the date of conclusion of the loan agreement.
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A loan of this type in tax terms is considered not only on the level of the amount but also on interpersonal relations between the lender and the borrower. Depending on the degree of kinship between both parties to the contract, the law provides for the possibility to benefit from the exemption from tax on civil law transactions. A monetary loan concluded between persons counted in the first tax group is exempt from tax, provided that its value does not exceed $ 9,637. In such a situation, it does not require notification to the Tax Office. The first tax group includes the spouse, ascendants, descendants, stepchild, son-in-law, daughter-in-law, stepfather, stepmother, siblings and parents-in-law.
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The situation is different when the contract for a cash loan was concluded between members of the immediate family, but exceeds $ 9,637. In such a case, in order to benefit from the exemption, the person taking the loan must, within 14 days from the conclusion of the contract, report this fact to the competent tax office. For this purpose, it is necessary to fill in the PCC-3 form. In addition, the borrower must provide proof of obtaining funds in the US in the form of money transferred to his bank account or to a bank account maintained by a cooperative savings and credit union or by postal order.
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A loan in a family is an opportunity to acquire a small amount of money in a short period of time. Often contracts are concluded only in words and without interest and additional fees. Unfortunately, this solution also has its drawbacks. A loan may become a cause of a family conflict. The most common issue is the repayment date. Sometimes the borrower is not able to repay the loan in the prescribed period or the lender needs a fixed amount earlier than originally expected. It spoils family relationships and raises controversial situations.