Economy&Finance

 

Credit card loan

 

Steps To Follow When Lending Money To Friends This Festive Season

Business with family and friends generally does not go as planned. Because of this, people tend to avoid doing business with a family member or friend. 

 

 If a family member or friend is taking out a loan and you feel guilty, this is where you can make the most of it. 

 

 Before loaning money to family or friends; 


 Make inquiries 


 That's the money we're talking about, your money, after all. You need to find out where you are going and what your chances of recovery are. Unless it is a lucrative deal, you will likely never get it back. They may not be completely honest with you; Brush it with sugar to make it sound more attractive than it is. Ask for time to make up your mind and use that time to research. Surely there will be another family member or friend who knows the whole truth and is willing to open up in any way. 

 Don't be sentimental about saying no 


 No Feeling in Business If after weighing the pros and cons, you still can't feel any reasons to borrow, or your instincts tell you not to give them. the loan, don't be afraid to let them know. Make it clear why you cannot give them the loan and leave no room for them to convince you. 

 Take Your Abilities into Account 


 Just because you are family or friends may tempt you to give more than you can think of. Make sure you weigh your financial strength before loaning someone out or you might be the one in need. soon a loan. This is not at the time to chop words, you will not take it seriously.

Important: Remember, money can break good relationships.


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