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How To Borrow $ From Family And Friends

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It is natural to turn to friends and family when you're in a financial bind. Don't let your ego keep you from asking for financial help. Tough times can happen to anyone. Giving financial help is a way friends and family can do something to help.

If you want to keep a relationship:

  • Do your financial homework so you can explain your situation and understand if and when you can pay money back.

  • Be honest about your financial situation and about what you're asking for. You may need money again in the future. If there is little likelihood that you will be able to repay the money, let them know.

There are four basic ways to ask friends and family to help financially:

  1. Use a crowdfunding website.
  2. If you have the energy, do fund raisers.
  3. Ask for a loan. A loan could either be directly from the person or could be a bank loan based on your friend's credit.
  4. Ask for a gift.

If you ask for a loan, even if your friend doesn't consider this as a business transaction, you should. If you keep the request on a business-like basis it will make a possibly uncomfortable situation more comfortable for both of you. If you eventually stumble and can't make a payment on time, let your friend know immediately.

Asking for money, in whatever form, creates a new dynamic in the relationship. Keep the lines of communication open. Don't stop talking with the person.

A thank you note is always welcome,no matter how small the amount. (A handwritten note is often more welcome than an email note.) A loan, for instance, may seem like a business relationship to you especially when there's paperwork involved. However, to your friend, it's not why he or she is entering the transaction.

It is preferable to not ask someone to borrow money on your behalf on their credit card. Interest can pile up quickly on a credit card. Possibly even worse, you may end up hurting the credit rating of someone you care about and who cares about you.

Asking friends or family for money can be pretty depressing or uncomfortable. If it is, and the discomfort stops you from moving forward, speak with your support system, including a support group and professional help. Finances can be even tougher to discuss than your illness. 

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