There are 7 ways to borrow money from friends or family members

Borrowing money is not a pleasant thing at all. There are many unexpected costs that come to us when making a living. But most of the time, we don’t have the money to pay for all these unexpected costs. So we have to borrow or borrow money.

You can choose any of the options, such as a close friend, family member or bank loan, to borrow or borrow. Here we will talk about 4 easy ways to borrow money from friends or family members. Depending on the methods you can easily borrow money at unexpected moments.

List friends or family members who can borrow

Think of close friends and family members who you trust to be able to lend you money. Make a list of them.

If you have a close and dependable relationship with them, and if you lend them money in the past, they will not give you back. Read more – Never think of yourself as being small in life

However, it is not okay to mix family and friends with money. Because if you borrow money from them, and if there is a delay in paying them back, your relationship with them can be ruined forever.

Speak it straight

Be friendly when you are going to borrow money from someone. To avoid any inconsistencies, talk to them before speaking. For example, you can ask what they are doing. Also ask if they currently have an economic problem.

When it comes to the final words, try to be courteous. For example, sadly I have had some unexpected financial problems. I’m having a little trouble raising this month’s rental money. Will you help me? ʺ There is no pressure on your chosen person at this point.

Be honest about why you need money

People who lend you money may want to know why you are borrowing. And that is their right. So don’t lie about this.

If you borrow money by lying then at some point they can know the truth. And knowing the truth won’t do you any good.

Make a deal

It is very important to have a written agreement with loan details to avoid any possible misunderstanding. Mention the name of the borrower, name of the borrower, amount of money, when to repay the money, etc. in this agreement. Both the lender and the borrower must sign the agreement.

Repay the loan within the stipulated time

If you are borrowing from a close friend or family member, it is very important to repay it in a timely manner. If you cannot pay within the stipulated time, you may lose their trust.

As well, your relationship with them is likely to deteriorate. If for some reason you cannot repay, contact them directly and explain why you cannot pay. But don’t do anything wrong. If you can explain it to them then they can consider it.

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