8 Things To Keep In Mind When Borrowing Money From Your Friends

8 Things To Keep In Mind When Borrowing Money From Your Friends

every now and then, you may find yourself in a situation that requires you to borrow money from your friends. whether it’s for some food because you forgot your debit card or because an unexpected expense came up which put you in a financial bind, friends can be a great source of support during times like this. however, although these may be people that you are cool with and frequently hang out with, you still should be cognizant of “borrower etiquette”. if you’ve found that evey time you ask a particular friend for money they tell you “if i had it, i would give it to you..but i don’t”, then maybe you’ve already gone against one of these typically unspoken laws of the borrower.

8). approximate dates work best for repayment, whenever applicable.

when you find yourself having to ask for money, you should have some specific dates in mind about when you will pay it back. it shows the person potentially lending you the money that you are serious about paying them back (which is a plus) and it also provides something tangible to hold you accountable for. saying things like “i should be able to pay you back by..” are #NoBueno because it makes you out to be indecisive and irresponsible. why would someone be excited to lend money to an indecisive and irresponsible borrower?

7). don’t lie about what you need the money for.

sometimes, you may be hesitant to tell someone why you need to borrow money from them because it’s either really personal, embarrassing or highly confidential. if it’s one of those things, you should try saying something like, “i can’t disclose why i need the money, but just know i’m not doing anything illegal and this is when i plan to pay you back.” at the end of the day…that’s all a borrower really wants to know; are you doing anything illegal, and when will i get this money returned? don’t make it a habit of why you need the money because you’d be surprised who knows who.. people talk. if you ask me for money to pay your rent..and i find out that you actually used it to get new speakers put in your car…chances are, i’ll be less likely to lend you money in the future..because if you’ll lie, you’ll cheat. and if you’ll cheat.. you’ll steal..and if you’ll steal… you’ll kill..and i don’t endorse murderers.

6). there are limits to how much money you will be able to borrow.

you know how banks give people different credit card limits, based off of their history with credit and their ability to pay money back on time? the same is kinda true with borrowing money from people you know. more often than not, your “limit” is based off how long i’ve known you, the relationship we have (or don’t have) and my impression of your character overall. while other facts do soemtimes come into play..these are some of the main ones i consider when determining how much money to lend someone. the interesting thing is that your “limit” on how much money you can borrow from someone is typically an unofficial one that is more implied than it is explicit. i don’t have to tell you “the most you can borrow from me is $20”; all i have to do is make up in my mind that $20 is all i’m willing to part with when it comes to you..and my actions will follow suit.

Read the full article HERE. 

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