Yesterday the Wall Street Journal published an informative piece about asking people you know and love (i.e., friends and family) for a loan (Do’s and Don’ts of Asking Friends for Money). Here is a recap of the tips offered by experts quoted in the article:
- Put yourself in the lender’s shoes.
- Borrow the money as you would from a bank.
- Bring in a lawyer to draw up the agreement.
- Ask for more money than you think you need.
- Assume the worst.
- Remember “Hamlet”. [“Neither a borrower nor a lender be….”]
Dana H. Shultz, Attorney at Law? +1 510 547-0545? dana [at] danashultz [dot] com
This blog does not provide legal advice and does not create an attorney-client relationship. If you need legal advice, please contact a lawyer directly.