Main Profile

At A Glance

How To Ask For Money From a Friend or Family Member

Watch more How to Manage Your Money videos: Subscribe to Howcast's YouTube Channel - If you're in need, learn how to ask for money from a friend or family member. Howcast uploads the highest quality how-to videos daily! Be sure to check out our playlists for guides that interest you: Subscribe to Howcast's other YouTube Channels: Howcast Health Channel - Howcast Video Games Channel - Howcast Tech Channel - Howcast Food Channel - Howcast Arts & Recreation Channel - Howcast Sports & Fitness Channel - Howcast Personal Care & Style Channel - Howcast empowers people with engaging, useful how-to information wherever, whenever they need to know how. Emphasizing high-quality instructional videos, Howcast brings you experts who provide accurate information in easy-to-follow tutorials on everything from makeup, hairstyling, nail art design, and soccer to parkour, skateboarding, dancing, kissing, and much, much more. 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. Did You Know? Did you know? As much as 14 percent of money in the U.S. loaned to family and friends does not get paid back.
Length: 01:22


Questions about How To Ask For Money From a Friend or Family Member

Want more info about How To Ask For Money From a Friend or Family Member? Get free advice from education experts and Noodle community members.

  • Answer