How Do You Borrow Money From Friends?
Your friends can provide a great deal of support when you need money for personal or business reasons. Friends often offer their assistance when you’re moving into a new location or testing out new products for a business by opening their checkbooks for a short-term loan. However, you need to create a paper trail before you borrow money from friends to keep them as friends. Tell your friends exactly why you need to borrow money. You can draft a letter explaining how the money will be used and what you intend to get out of the temporary loan. This may help ease your friends’ concerns about lending money to you. Ask for an exact amount of money from your friends without taking additional funds. Your friends likely do not have the same financial holdings as a bank that can offer loans to cover emergency contingencies. Determine the right amount to borrow and indicate how you arrived at the figure. Make every effort to pay more than your monthly payment when borrowing money from your frien
Have you already been denied a short-term loan from your bank? Denied at a loan company? (the kind that make loans for computers, cars, etc.) Not going to work at a PayDay Loan center? Only if you have exhausted all other options do I recommend asking friends and family to loan you money. Borrowing implies that you will pay the money back, and if you don’t you face ruining relationships!!! Make a list of friends and family who you are close to, close enough to borrow money from. Based on your best guess, put them in order so the top person is one you believe has the most discretionary cash on hand. Why list more than one person? Depending on how much money you need, multiple people may need to chip in. Determine how much you need, and do not underestimate. It is better to have extra than not have enough to cover your debt and normal living expenses. Determine how much you can pay back each week or month, and how long it will take to pay it all back. Underestimate your repayment as well
