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Measure content performance. Develop and improve products. List of Partners vendors. When times are tough, and money's tight, you may have limited options of where to turn when you need to get your hands on some cash.
If your credit score is great, you may be able to turn to your bank. But remember, you'll have to pay interest on top of the amount of money you borrow, and, in some cases, you may have to pay loan initiation or origination fees. These are fees charged by lenders to process your application.
If this doesn't seem practical, your credit has you sinking underwater like a rowboat with a hole in it, or if you can't stomach the idea of going to a financial institution , all isn't lost. There is another way to get a loan. The quickest path to get your hands on some much-needed money is to go to a friend or a family member and ask for a loan. But before you flip out your checkbook , it may be wise to examine some of the considerations of family loans and the potential consequences. Financing isn't cheap.
Just look around the market and see how much you'll pay your bank or other financial institution in interest and fees. Nearly half 46 percent of adults who lent money to friends or family reported having a negative outcome, 37 percent said they lost money and 21 percent experienced a damaged relationship with the borrower, according to a recent survey by Bankrate.
Cosigning a loan can also cause personal and financial problems. Again, nearly half 45 percent the people in the Bankrate survey who did this said they experienced a negative consequence:. If you expect to be repaid and you get stiffed, that sense of betrayal can create a lot of anger. Failing to set expectations and write it down always leads to regret. When he was a front-line credit counselor, McClary saw people dip into their retirement savings or borrow money themselves in order to lend to a family member in need.
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Emotions can take over and cloud your judgment, making you more likely to accept excuses and half-promises. Instead, choose a neutral setting and have a one-on-one conversation. Be polite and straightforward, keeping your emotions in check.
Then make a plan together. Although they may not be able to pay the entire amount in full, you can at least agree to a structured repayment plan that works for both parties. There are so many ways a loan can go wrong. And unfortunately, they can affect how your relationship plays out long term.
If your interactions sour because of issues related to a loan, it may be hard to repair any damage. The tension between you and the borrower may lead to anger, guilt, shame, and remorse. All of that can permanently damage your relationship, whether or not they eventually pay off the loan. For example, talk about:. If you and the borrower get to a point that the loan affects your relationship, it will be noticeably awkward for everyone around you.
Disagreements can lead to drama, and your mutual acquaintances may feel obligated to choose sides. It could also mean you speak and interact with each other less or avoid attending the same events altogether. That can affect your friends or family members, who may feel they have to make special arrangements for events to work around your feud. Steer all conversations away from money and choose the right time and place to discuss your personal issues. When they borrow money from a loved one, they often feel a moral and emotional obligation to that person because the lender helped them out of a tight spot.
If you agree to lend money to a loved one once, you can do it again.
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