{"id":56328,"date":"2022-02-01T18:35:04","date_gmt":"2022-02-01T13:05:04","guid":{"rendered":"https:\/\/www.the-next-tech.com\/?p=56328"},"modified":"2024-03-27T14:54:56","modified_gmt":"2024-03-27T09:24:56","slug":"should-you-borrow-money-from-your-friends","status":"publish","type":"post","link":"https:\/\/www.the-next-tech.com\/finance\/should-you-borrow-money-from-your-friends\/","title":{"rendered":"Should You Borrow Money from Your Friends?"},"content":{"rendered":"

You\u2019re in a tricky situation. You need some money, but you\u2019re not exactly sure how you\u2019re going to get it. You\u2019re considering going to your best friend to ask them to help you out with a loan. But is that a good idea?<\/p>\n

The Problem with Borrowing from Friends<\/strong><\/h2>\n

Your friend is very likely to say \u201cyes\u201d when you ask for a loan<\/a>. They\u2019re your biggest supporter and cheerleader! They love you! Of course, they\u2019ll come to your rescue when they can!<\/p>\n

That\u2019s not the issue. The issue comes after you get the money and spend it. Will you be able to repay them quickly? Will it take a few weeks, months, or years to get back to them? What if you realize you can\u2019t repay your friend<\/a> in a reasonable time or manner \u2014 if at all?<\/p>\n

Loans and Friendship Don\u2019t Mix<\/h2>\n

If you\u2019re not careful, you could do real damage to your friendship. Your friend could feel frustrated and taken advantage of when you don\u2019t pay them back within a set timeline<\/a>. They could quietly judge your spending decisions and resent that you haven\u2019t prioritized their repayments. They might find that you\u2019re no longer trustworthy and limit their interactions with you.<\/p>\n

And even if your friend is completely comfortable about lending you money and relaxed about repayments, are you going to be okay with the situation? Will you feel guilty that you\u2019re not paying them back fast enough? Will you wonder whether they\u2019re judging your finances? Will your interactions be tainted by this strange new dynamic?<\/p>\n

These scenarios aren\u2019t wholly unbelievable. There is plenty of proof that money ruins relationships that were seemingly strong and happy. You have to ask yourself whether you\u2019re willing to risk your friendship over financial<\/a> help that you could get elsewhere.<\/p>\n

What Can You Do Instead?<\/strong><\/h2>\n

So, if you\u2019re not going to ask your friend for some money, what can you do to make an important payment<\/a>? Here are three options that you should consider:<\/p>\nAlso read:<\/span> Get Rich Quick? 30 Best Money Making Apps To Turn Your Spare Time Into Cash<\/a><\/span>\n

Use Your Credit Card<\/h2>\n

You could put the charge on your credit card and then steadily pay down the balance later on. Only do this when your current balance is low. You don\u2019t want to push it too close to the limit or max out your card.
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