Let there be no doubt about it, but that securing a loan through a bank, credit union, or other more traditional source has become more difficult. So now more folks than ever are turning to relatives and friends in the hopes of a personal loan, but there is a problem. That is that lending this way has always had its fair share of potential pitfalls.
Now the problems generally come in due to two things and if you’re careful to avoid them, you should have no problems. Now the first of these “things”, is failure on the loan recipients part to repay the loan on a timely basis. Then the second of these things is the lender not feeling appreciated for doing you the favor, and it is a big favor they are doing.
Now the first item being covered in this report is how to make the proposition. That is how to ask for the loan and the thing you don’t want to do is put the person on the spot. Let them know that if they refuse that you’re OK with their decision and also make sure to let them know that your financial need is only temporary. Tell them the money to repay them is coming.
Never present it to them in such a way that you’re making them feel as if they can’t say no because this is in fact the best way to get refused. Remember that they aren’t in the business of lending money, and they may in fact be concerned about your relationship. If they refuse, accept their decision with grace, and this in fact may lead to a change of heart.
Offering some sort of collateral is always an option and by doing so you can assure the person you are approaching that you want to cut their risk factor. Make sure that what ever it is that you present for collateral is in fact worth more then the loan will be, and also you may have to let the lender take possession of it during the loan period.
Do make it perfectly clear that if they are willing to do it, all terms of the transaction will be covered in a written contract that will hold up in court. Lastly, one more thing that you can do, is to propose that if they agree to lend you the money that you’ll give them a series of post dated checks to cover your entire repayment schedule.
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