Ideas Post

Lending money

    1. First and foremost , remember , you are not a bank

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    2. With item 1. in mind remember this dialogue

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    Them: Could you loan me some money

    You: Gee I'd really like to help you seeing as we are friends/relatives BUT , I'm going to have to pass

    Them: But why, why !?

    You : Because I would not be able to hurt you if you did not pay me back.

    3. With item 2 in mind, get it crystal clear in everyone's mind that this is a loan

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    And loans have to be paid back. Tony Soprano breaks your legs, the bank takes your house.

    What most people would be looking for is a forgivable loan, and that you , as a friend /relative would not take their house or break their legs if they did not pay.

    4. Make sure the terms of the loan are understood.

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    In other words, the payment amount, the date on which each payment is due, and consequences of failure to pay

    5. Never loan out more than you can afford to lose.

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