How to Ask Your Friends for Money

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H O W T O A S K Y O U R F R I E N D S F O R M O
N E Y
B Y L E V E L F I N A N C I N G
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Asking friends or relatives for money may not
involve the formal steps required when you take
out a personal loan or apply for a credit card,
but it comes with its own set of obstacles and
complications. For starters, we dont want our
friends to perceive us as needy and broke. We
fear that asking them for financial help could
negatively affect the opinion that they have of
us. It may also feel awkward to do something we
are never done before, and we fear that our
friends may lose their trust in us, which could
damage a precious personal relationship.
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Respect is a crucial prerequisite when starting a
conversation on borrowing money with your
friends. You should never assume your friend is
supposed to do you a favor. Coming across with an
entitled attitude will not only hurt your chances
of your friend agreeing to lend you money, but it
may also create unnecessary tensions and damage
the relationship. Start the conversation by
mentioning how much you appreciate being their
friend, which is why you feel comfortable enough
to ask them for help. Tell them right away that
you would understand if they are currently not in
a position to lend you money.
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You should consider asking your friends for money
only when you are in real need of financial
assistance. Imagine the following scenario. Your
car got broken, and you dont have enough money
to cover the repair costs. On top of that, you
live far from your workplace, and theres no way
you can get there with public transportation. Or
think of a scenario in which you need money to
cover important medical bills. If your friends
understand that you are truly in a tough
financial situation and would face serious
difficulties without a loan, they will be much
more willing to lend you the money.
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Asking for money from your friend should really
be the last resort. If you have already tried
without success to take out a loan or ask for
money from your relatives, you should ensure your
friends know that. This will tell them youre
not trying to take advantage of your friendships
and have already exhausted all available options,
which will increase the chances they will
empathize with your situation and agree to lend
you money, or at least part of it.
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Its important to clarify from the start that you
are not asking your friend for a handout. Even if
your friend offers you the money as a gift, its
still a good idea to refuse and tell them that
you prefer repaying the money in the future. This
will show them that you take the situation
seriously, and it will reduce any future
misunderstandings. Alternatively, you could
offer your friend something else in return, like
doing some work for them or helping them out with
some activity that could be completed faster by
two people rather than one. This option is
typically the best one when youre uncertain
about your ability to pay back the loan quickly.
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Even though your friends are not a bank and
paying them back is not a legal obligation,
taking your repayment terms and duties seriously
will show your friends they can trust you and
even reinforce your current bond. Make repaying
your friend one of your budgeting goals, and set
aside a small sum each month. You can set a
gradual repayment schedule or give your friend
the money back in one payment.
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Your friends may not always come up with an
answer right away. They may have several reasons
for asking you to wait until they give you their
final answer. They may be going through uncertain
economic times themselves, or they may be saving
for a goal, and lending you money would
considerably slow them down. Dont show
disappointment if your friend asks you to wait.
As a matter of fact, you should tell them you are
grateful for considering your request and that
you understand why they need some time to think
about it. Avoid putting any pressure on your
friends. Giving them enough time to consider your
request will actually increase the chances of a
positive outcome.
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As we already mentioned, your friends dont have
any moral obligation to give you financial
support, and a rejection is not something you can
rule out. They may simply not have any extra
money, or they may be saving for their own
financial goals. Lending money may simply not be
feasible for them at the moment. Its crucial
not to react negatively when this happens.
Replying with a disappointed, angry, or emotional
tone may create tension and harm your
relationship. They may think that you only value
a friendship with them because you planned to get
something in return.
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Show that you perfectly understand and that they
dont have to worry about it. Maybe ask them for
financial advice on how to solve your current
issues. They may actually provide you with some
great ideas and help you make better financial
decisions. Moreover, you probably have more than
one friend or family member you can ask, and you
may have to try with 3 or 4 of them before
getting a positive response.
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