If you need some financial help with your current business project, you might want to consider taking out a loan. That’s something that banks are really good at! While it may be easier to go to your friend to borrow some money quickly, you may want to reconsider.

As I have said before, things don’t always go according to plan. While it may be a quick and dirty way to raise funds, it could potentially ruin your friendship. How exactly do you tell your friend that you couldn’t come up with the money on schedule? Then how does your buddy ask for the money back?

By going to the bank, you are forced to have a plan. That means you know exactly what you are getting the money for, what you’re going to spend it on, and when it’s going to be repaid. The consequences when dealing with financial institutions are completely different from social relationships.

It’s hard to balance a relationship with your friends when large chunks of change are owed. It has been the downfall of many friendships and has the potential to take down many more. Take your money problems to bank, not your buddies.