THINKING OF LENDING MONEY TO FRIENDS AND FAMILY? KEEP THESE TIPS IN MIND
I think all of us have faced this situation where someone we know has asked us for some money to tie them off for a few weeks, or for an emergency. Whatever the situation is, it is not very easy to just give away huge sums of money to someone especially when they are not very close to you. A lot of thoughts come into mind like will they be able to pay back? Or if they actually need the money for what they asked for? There are also situations where people are just trying to take advantage of you. Your risk can be mitigated by a lot if you just follow these basic steps while lending money.A lot of people don’t have an option to go to a bank for even small loans because of their bad credit history or low credit score. Even if they are able to get, the banks will impose very high interest which becomes extremely difficult for them to pay back. During this time, family members and friends are the only viable option left. They would rather ask you then go looking for a payday loan which can further land them into trouble.