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Borrowing money from family may be convenient but often puts strain on the relationship. A boat is a luxury and your family may insist that you have all your day-to-day needs looked after before you make a luxury purchase. Should you borrow money from family, make sure that you establish a fair rate of interest and develop a repayment schedule that is agreeable to both parties.

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Q: Is it a wise idea to secure a small cash loan from family members?
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