As the song goes, friends aren’t just for the good times. They should also be there for the bad times. Aside from your family, your friends could sure help you out during a lot of situations. Problems regarding your finances could surely be one of them.
Borrowing money from friends is quite tricky. On one hand, they are people you have known all your life and asking should come easy; but at the same time, no one wants to really expose oneself to show that he is getting in trouble for poorly managed finances. If you’re confident enough with your friendship and you really need the money, it’s time to swallow your pride and ask a helping hand from a friend.
Here’s how you do it:
- Have a good circle of friends. Being a loner puts you in a tough situation later on in life if you need a favor from a friend. Keeping your friends close to you also helps you socially so having these connections and networks also have active and passive benefits to your social life as well as your career.
- Be honest to your friends. If they have the money and they think the cause is legitimate, they would probably let you borrow their hard earned money. Just be clear on why you want to borrow money and how you’re going to pay them back. You have to be very honest regarding these questions since you’re essentially using your name and reputation as your collateral. Word gets out quickly and before you know it, most of your friends can know that you can’t be counted on to keep your promise. Integrity is very important and you have to be a man of your word.
- Do everything that is humanly possible to make sure that you deliver on your promises! If you don’t you might end up not getting any more chances to borrow money or ask favors in the future.
- Spend the money wisely and try to save up the money for the payment scheme that you’ve decided upon. You should get an easy schedule for your payments since you’re borrowing from a friend but don’t abuse this leniency. This setup gives you no excuse to slack off since you already have a lot of factors working on your favor.
Borrowing money from friends is all about winning their trust and communicating to them that your intentions for the money are productive and helpful to your current situation. Since trust is already at a good level, friends would probably require less explanations compared to a bank or a lending firm. They would however deserve the same level of respect and commitment from you regarding the payment of the debt.
Be mindful of their confidence and trust in you and do remember that the debt was made with your honor and integrity as the counterbalance. Be sensitive to the current standing and financial situation of your friends as well. For all you know, they might need some help as well.