How To Ask For Money From a Friend or Family Member

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Asking a friend or family member for money is a sensitive undertaking. If you take the necessary steps, you'll get what you need and ensure them that their money will be repaid.

To complete this How-To you will need:

A list of friends
A calculator
A contract

Step 1: Decide who to ask

Make a list of friends and family members who you would like to ask to borrow money.

Step 2: Calculate how much you'll need

Calculate how much money you'll need. Write it down in a contract format.

Tip: You can find generic contracts online.

Step 3: Write down what it will be used for

Write down what the money will be used for with as much detail as possible.

Step 4: Develop a repayment timeline

Develop a timeline for repayment, and add that to the contract.

Tip: Offer up collateral if possible -- a car, a piece of jewelry, or something else of value. It should be worth close to what you're borrowing.

Step 5: Make an appointment

Make an appointment or arrange a meeting to ask them in person.

Step 6: Present the plan

Present the amount needed, what you need the loan for, and the repayment plan. Offer to have it notarized once you reach an agreement. Don't forget to say thank you.

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Category:

Howto & Style

Tags:

• HomeFamily
• asking
• borrowing
• lending
• money
• cash
• funds
• friends
• family
• mom
• dad
• sister
• aunt
• uncle

[americaneagleluva]

im sorry but who in the WORLD asks for money using a contract?! just go up to them and say can i borrow 10 bucks? Ill pay ya back on friday.

[FortNikitaBullion]

Only 14%?!?! I've lent friends 10s of thousands alltogether over the years and never got a cent back.

[victorianrocque]

I AM THE 14%!!!

[lataibasil]

@americaneagleluva BUT IT IS FRIDAY! jks

[JanelleLovable]

why did he have a mouse trap in his wallet ??? -_-

[FortNikitaBullion]

@cocoacreek just stats on myself, 100% of the loans I give people go unpaid. The problem is, I always think "this time it will be different". I don't get why I keep kidding myself. I have sworn off loaning people money for years, but I keep doing it. I'd say I've "loaned" close to a quarter of a million dollars over the years, never gotten a single penny back. The problem is, we don't live in gated communities where people are accountable anymore. People change friends at the drop of a hat.

[bakesomecakez]

Step One: ask them, “can i borrow ten bucks?"

[withagunxxxx]

Next: How to stop making stupid How To Videos.

[MultiSuperjelly]

Lol 0:25 tooth fairy

[MrTharaf]

lolz 0:22 tooth fairy

[rebelpilot34]

0:07 he wants money for the water fountain lol

[sassk8team]

@FutileVanity my routine lol