How to Get a Loan from Friends or Relatives without Hurting Your Relationships
- October 31, 2014
Something that can come between you and your family or friends is money, especially when it comes to asking for it. Although you may find it difficult to ask when you find yourself in a tough situation, you may not have a choice. If you’re thinking about asking someone in your life for some short-term cash, take some of these tips into consideration before you do so, that way you don’t have to worry about anything happening to your relationships.
One of the most difficult but necessary steps that you have to take in order to ask someone for a loan is to be honest about your current financial situation. Many people often find themselves not wanting to share that information with others but in order for someone to be able to trust you with the money that they are going to lend you, you have to talk about what you’re truly struggling with. If they do agree to lend you some money, make sure you only borrow the money you need for essential items and don’t take advantage or put yourself in a position where it may be more difficult to pay them back.
Another good idea, to ensure that you keep organised and to show your willingness to pay them back, is to write up your own contract of some sort. Write down the exact amount, the repayments, and any interest they want to put on it. Act as if this was a real loan that you were getting from a lending company. Having said that, you should also take the repayments seriously and pay them back on time. If you missed a payment with a loan company they would most likely charge you a fee, your friends and family may not but they will not be impressed. If you had the opportunity to pay them back earlier, you should also take that into consideration because they would appreciate and probably help you again if you needed it.
Some weeks may be harder to pay back than others but if you are still struggling and don’t think you will be able to pay them back in the time that you said you would, you should always continue to keep in contact with them. Do your best not to avoid or ignore the person that is lending you money because that’s when you risk your relationship with them. It is very possible that if you explained your situation on why you couldn’t make a payment, they would understand. In conclusion, do your best to be honest and responsible when it comes to borrowing money from the people you care about.