Should I borrow money to a friend or family member?

The decision to borrow money to a friend or family member is difficult. On the one hand, you want to help the person you care about, but on the other, you are wondering whether it is really good to borrow money to this person. Two main things to remember to decide whether to borrow money should think before you do it, and not lend the money you need. If there is a reason for the fault like something for you and helped you when you needed it, maybe you really want to lend them money. If you have money and want to do it, you can do it.

If you decide to rent money, be sure to write an agreement. It doesn't matter if he's your sister or the best friend you know for decades, a clear agreement signed by both parties is important. It is not a trust, but a clear understanding of what is expected. This agreement should have data and specific amounts for repayment.

If you have low money alone, you just don't have to be in a position to lend money. You should never borrow the money you need. If something happens and your friend or family member cannot repay the money, you will get into a dangerous position. A friend or relative who takes care of you should understand it and not do you to make you feel under pressure to lend him money.

Many financial experts say that the only circumstances in which one should ever borrow money is, if they do not really need resources and really do not expect money back. Otherwise, the creditor is at risk. You can also decide on the reason for money. One thing is one thing that fights between the checks, while the money you need to buy a TV with a big screen is a completely different thing.