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WSJ: How to Ask Friends and Family for Money

Logo for WSJ.com, which published an article about asking friends and family for money

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.

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Financing