How To: Tell a loved one "no" when they ask for a loan

When someone you love asks for money it can be very hard to turn them down; especially since you are usually put on the spot. Check out this tutorial and discover ways that you can help your friend without having to spend a dime, and make things easier for everyone.
You Will Need:
* Listening skills
* Concern
* Time to assist in other ways
* Third-party lenders (optional)
* Charities (optional)
* Government assistance program (optional)

Step 1: Listen
Listen to your loved one when they make their request. Show that you are concerned about them by asking for more details regarding their situation.

Step 2: Explain
Explain in as much or as little detail as you are comfortable with that you are unable to make a loan at this time, but you'd like to assist them in other ways.
Although guilty feelings may arise, remind yourself that it is perfectly okay for you to decline their loan request, whatever your reasons.

Step 3: Help with research
Help them research alternative means of meeting their needs. Potential resources to check are third-party lenders, charities, and government assistance programs.

Step 4: Give
Give your loved one non-monetary assistance that still helps to relieve their burden. For example, you might lend them a suit for a job interview or watch their kids so they don't need to hire a babysitter.

Step 5: Check in
Check in with them periodically to see how they are doing. It helps to show that, although you could not give the money they needed, you are still there for them.

Step 6: Make it a gift
If you ultimately decide to lend your loved one money, consider making it a gift. This removes future complications in your relationship over payback.