The Ethics of Borrowing Money to Friends. Don't Break the Relationship! - Thin financial conditions, often make people pressed and willing to do anything. The most common alternative, borrow money from friends or relatives. However, sometimes this method actually makes the relationship damaged, especially if it is done often or is difficult to restore.
Even with friends, taking a loan but not paying it in the promised time will cause new problems. Well, if you want to borrow, you need to pay attention to several important things.
We provide ethical tips for borrowing money to friends that can be applied. In addition to helping to get the needed loan, it also ensures that your relationship is not damaged in the future.
Ethical Tips for Borrowing Money from Friends
Some of the tips below, you can apply as a whole for the long term.
1. Understand Financial Goals and Ability to Pay
The thing that most often makes people lazy to lend money is because it is not returned. This is natural, because even if the borrower is your close friend, they also have special needs.
Not returning it once would make them lose confidence in lending it back. But before that, make sure your financial goals are in borrowing. Is it urgent such as health or an unwanted disaster.
If your purpose of borrowing money is only for non-essential consumptive purposes, avoid it. Colleagues will also question your goals, if they are important and have to help, it is likely that they will provide loans.
It would be better if you explain in detail the purpose of borrowing, how much is needed, when it is returned and the income from which you will return it.
Never make an announcement just because He is a friend you know well. Or, make excuses if you have also helped him to be given relief. This will only make the relationship worse.
2. Prepare Other Plans If Payment Has Problems
In certain cases, there will be possible obstacles in the payment process. For example, if you open a business, but your turnover has decreased drastically. It could also be, sudden urgent expenses and have to use money that should be used to pay debts.
For that, make a special plan personally. For example, assets in the form of valuable items that can be sold as reserves. Difficult or not, debt remains your obligation, whoever the borrower is.
3. Make sure with a written agreement
There is nothing wrong with making a written agreement between the two parties, even if it is a close friend or relative. Writing a letter will make colleagues more trusting and feel you have a responsibility and seriousness to pay on time.
This method is also important to avoid fights in the future. Building trust is a priority point that needs to be carried out regardless of the conditions.
4. Maintain Good Relationships
Debt has always been one of the most frequent causes of damage to a person's or even a group's relationship. Apart from being late or not paying back at all, borrowers often don't heed their ethics.
For example, they cannot be contacted or are difficult to find for collection. This condition makes the relationship worse and stiff. Continue to prioritize ethics, if you experience problems when paying, it would be better to be honest and open.
Never disappear, or divert the conversation because this will only make your partner lose his trust. Respond with responsibility, and measure your finances well. With this etiquette, a partner may come to your aid in the future if you need it again.
Those are some of the ethics of borrowing money from friends that can be applied. It's not just a matter of saying sweet and persuading at the beginning, but showing it with an attitude that you are responsible and honest about personal conditions.
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