How To Borrow $ From Family And Friends

• Keep your side of the bargain. Pay back the loan as agreed. Pay it off in small affordable chunks if you have to.
• As your economic picture starts to improve, let the person know it. If it improves enough so that there is extra money, pay an extra amount when you make an installment payment, or a substantial chunk if the improvement is great enough.

• If you need to do something your friend could consider an extravagance (like take a vacation), put yourself in your friend's shoes. How would you feel if you loaned a friend money for medical care, who used an unexpected chunk of money to go to Paris instead of paying you back? Perhaps you need the trip for your mental or physical health. Let your lender know you're open to talking about anything about the loan or your relationship that may bother the person.

If You Can't Make A Loan Payment On Time:

• If a bank loan is involved: Let your friend know as soon as you realize you won't be able to make the payment. She or he will want to make the payment on a timely basis to preserve her or his credit rating. (Explain why you're not able to make the payment -- even if it's the same reason that may have happened previously. It's better for the person to know the circumstances than to think you are undisciplined with his or her money.)
• If you borrowed directly from a friend: Let the friend know when you know before the due date comes and goes. Your friend can waive a default (when you can't keep a promise), or the two of you can come to a mutually agreeable different date by which you can do what was agreed.

Your health condition gives you a lot of leeway. But no one wants to feel taken for granted, or as if their friendship has been abused.

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