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How To Get A 500 Loan From A Friend Or Family Member

17
Jun

Trying to borrow $500 dollars from a friend or family member without regret is always a tricky business. If handled inappropriately, it can create friction not only between you and the person, but also those within the same family or social group. However, it may not be a bad idea to get a loan from a friend or family member versus one from a bank or financial lender as you are probably able to get it on the cheap with someone who is close to you. We suggest you try legitimate online lenders for a $200 ~ $1000 loan first. Otherwise if you may have bad credit or still in bankruptcy, find out what are the steps you should take to borrow money from people without regret.

Popping the question is always the most difficult part. If you are going to borrow money from a family member, you should spell out exactly why you need to borrow money with no interest and how the friendly loan will be used for. For example, if I need to borrow 500 dollars for paying my credit card bills, I should say it as it is and not hold the truth for fear of embarrassment. Most of your friends and family members would be glad to help out as long as they feel there is a genuine need. Don’t even think of trying to get a 500 dollar loan quickly so that you can buy the latest smartphone as asking from friends or siblings for frivolous purchases will only make you look irresponsible.

Stick to your word and keep it all business. Getting a no interest personal loan from a friend or family member may be less formal than going to the bank but you should still try to get it in writing, especially for larger sized loans. You can formalize a contract that states the terms of repayment and agree on the loan amount and interest to be paid, if any. Some of you may have pals who are willing to provide you a free loan at no cost but if you feel obliged to include interest out of gratitude, you should make it affordable to you at the very least.

The key to avoiding ruined relationships over money is to keep to your promises. An empty promise is one too many and you are likely to lose the trust and goodwill with the person that helped you out financially. Therefore, if you want to get a quick loan from a friend or family member, make sure you can pay them back on time and try not to make a habit out of borrowing money from people you know. OF course, there is always the public option of getting a personal loan from banks.