Borrow Money from Friends

Friends are our best companions of all times. They are with us in good and bad times. Friends can be very helpful in case you need to borrow some money. You need not do any reputation building, since they already know your nature and understand you.

More the number of good friends, the better it is for you. In-fact the quality of friend can be tested by the fact that he responds to your call for lending money to you.

Some simple steps that might be helpful in borrowing money from friends are:-

1. Tell them your need for money.
2. Inform them about the purpose of borrowing money. This is essential since here everything is on trust.
3. Ask them for the amount they can contribute.
4. If they contribute the entire amount, then it is good for you, else ask for the remaining amount from other friends.
5. Inform them the date by which you plan to return the money. This helps in ensuring the friends that their money is not lost and will come back.
6. Maintain a healthy relationship with all your friends, this ensures further borrowing of money, or extension of deadline for returning the money.

The basic advantage is that no paperwork is required, since the money lending and borrowing is done on trust and your personal reputation. Make sure to return the amount by the given end date, so as to maintain the trust of your friends.