Tips for borrowing money from a friend or relative
When you're in a financial jam, the last thing you want to do is ask a friend or family member for money, especially if you have an ample amount of pride at stake. However, your loved ones are likely more than willing to help you during this tough time - why not lean on them?
One way to give yourself peace of mind as you seek financial assistance is to ensure that you're doing it in a respectful manner. The Wall Street Journal encourages borrowers to consider bringing in a lawyer to make the process official and provide a sense of security to the lender. If you don't want to be intensely formal, draw up a document of your own that specifies a payback timeframe.
CBS News reports that it's also crucial to go above and beyond the call of duty to pay back your friend or family member for his or her efforts. This might mean setting aside some personal time to do favors for the individual in addition to paying back the money.
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