How to Borrow Money from Family and Friends
Knowing if You Are a Bankruptcy Candidate
Are You Making These Money Mistakes?
When Creditors Call: Dealing with Debt on the Phone
Borrowing Money From Family or Friends
There might come a point in the lives of many of you reading this right now when you will have to borrow some money. This is not a time to panic, it is a time to make sure that you are getting the best amount of money you can from the right people. For some people this means that they are thinking about going to ask for money from their family and friends. Is this something that you should do, or is it too risky to be doing? You need to make sure that everything is working out just like you want it to work out, because one wrong move with borrowing money and you could be in trouble. Take your time and read over this information right away.
Is This a Good Idea?
The one good thing about being able to borrow money from your family and friends is that you know these people and you know what they will expect. They also will be a little more flexible with how you will be able to pay back. Compare this will some companies who let you borrow money but are more forceful with their repayment methods. You need to make sure you talk with them before you ask them flat out whether or not you can borrow money. You need to know that this is something that you both feel comfortable with.
Things to Ask Them
You need to know how much you want to borrow, because you need to see if they are comfortable with you borrowing large amounts of money, if that is the case. Also, offer to them some sort of interest and see what they would be looking for. It is the fair thing to do for them. You also need to make sure you come to some agreement on repayment methods, so ask them when they would like to be paid back. Also, ask them if they are in a good position to lend you money. You do not want to borrow money from them, but have that leave them in a rough spot, because that would not be fair to them, especially since they are trying to be nice.
In the End
It is really fair to make sure that this is a good agreement for both parties. You really should not have as much say in this because you are the one who is looking to borrow the money. If his looks like something you will be able to handle and not take advantage of then go ahead with it. In the end though you might not want to borrow money, if you think this is not the right setting. You definitely just look into the possibility of borrowing from a friend or family member. It could be a lot easier on you and help you out a lot more then you thought.
[click here...]
[click here...]
[click here...]