How to lend someone money safely?

Michael Solomich
October 27, 2022
4:58 pm

Lending money to a friend or family member can be a delicate situation. On one hand, you want to help out someone you care about; on the other hand, you don’t want to damage your relationship or put yourself in a difficult financial position. If you decide to lend money, there are a few things you can do to minimize the risk. First, make sure you can afford to lend the money without putting yourself in a difficult position. It’s also important to establish clear terms and conditions with the borrower. For example, you may want to set up regular payments or charge interest on the loan. Be sure to put everything in writing so that there are no misunderstandings down the road. Finally, be prepared for the possibility that you may not get the money back. By taking these precautions, you can minimize the risk of lending money to a friend or family member.

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