One of the most difficult situations regarding dealing with friends is loaning them money. So if your thinking about assisting someone close to you financially that your relationship with them could turn rocky. But we have put a few ideas together for you that will give you some ideas how you can keep your friendship intact if money becomes an issue between the two of you.
Are You The Borrower
Asking a friend for a loan is not only hard to due, you also have to understand that your friends can say no. So before you ask anyone for money, be sure that there are no other solutions. There are a couple of questions you should consider before you do ask a friend for a loan. Is this person someone who will be extremely anxious to get their money back? Would your friend tell everyone else in your circle of friends about the loan? There are a variety of consequences that might result from this sort of thing. So pick your friend accordingly.
You need to be completely honest about the terms of your agreement. Can you repay according to the schedule or do you just hope you can? If you accept the money knowing that you cannot repay it, there is nothing that will ruin a friendship faster. In this case don’t take the money.
Are You The Lender
If a friend ask you to loan money and your agreeable, the first question to ask is can you afford it. If this is not a problem then consider simply giving the money if the sum is not too large. A financial argument between friends can cause unneeded stress between the two of you.
Although your friends, its a good idea to have something in writing. That way both you and the borrower can both see the terms and conditions of the loan. It should included the repayment schedule between both of you. Don’t feel that you have to loan the money, especially if this makes you uncomfortable.
Its also a good idea to tell your friend that if they miss payments, the friendship between both of you might stress to the point you cannot be friends with them. Can they live with that?
You don’t have to be rude, remember it probably was difficult for a friend to ask you for money in the first place. If you do decide to loan the money, don’t remind them or make them feel guilty. Of course if they are missing payments or are avoiding your calls, then it might be time to change your strategy.
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