Need money fast but don't want to take out a loan? Asking a friend or family member for money is a sensitive undertaking. If you take the necessary steps, you'll get what you need and ensure them that their money will be repaid.
You Will Need:
• A list of friends
• A calculator
• A contract
Step 1: Decide who to ask
Make a list of friends and family members who you would like to ask to borrow money.
Step 2: Calculate how much you'll need
Calculate how much money you'll need. Write it down in a contract format.
Step 3: Write down what it will be used for
Write down what the money will be used for with as much detail as possible.
Step 4: Develop a repayment timeline
Develop a timeline for repayment, and add that to the contract.
Step 5: Make an appointment
Make an appointment or arrange a meeting to ask them in person.
Step 6: Present the plan
Present the amount needed, what you need the loan for, and the repayment plan. Offer to have it notarized once you reach an agreement. Don't forget to say thank you.
Trivia: As much as 14 percent of money in the U.S. loaned to family and friends does not get paid back.