Many people would rather suffer than borrow, while others can even borrow when they have. For the convenient and perpetual borrowers, it usually doesn’t end well. The first people to consider when you want to borrow money are family and friends especially when you are not borrowing too much. Asking close relations for money can put them in a difficult position. This is why you must take your time to consider if it will be right to borrow the money and to borrow it from that person.
The Ability of the Person to Lend – Sometimes our need for money clouds our consideration. We often just ask anybody around for money when we need it regardless of how capable the person is. You must first check to see how convenient it will be for that person to borrow the money you are requesting for. If not, it is best to let the person be because you can force them to do things that may not be favorable for them.
Why do you want to borrow? People borrow money for many unreasonable and annoying reasons, and that’s just not fair. You need to have a reason that is worthy of a loan before you ask anyone for it. Asking a friend for a loan to buy yourself the latest iPhone is quite selfish. Requesting for a business loan or a loan for your tuition is more like it.
Will you be able to refund? This question is probably one we answer without really thinking about it, but it is one of the most important questions to ask yourself before taking the loan. Be sure to answer if you can you actually repay the loan, not if you want to pay it. It is not about the willingness but the means. If you don’t have the proven means of refunding the loan, don’t take it. You should also not push the payment forward when the money comes because you are familiar with the lender.
Confirm if the person wants to borrow you the money. Family and friends may not mention that a loan is not convenient for them, but you may just be making life difficult for someone else. Other than that, you can also build a sort of enmity and bad air between you both when they borrow you money against their will. One thing you shouldn’t lose even if you’re borrowing money is self-respect. So respect yourself enough to know if to go on with a loan first.
Can you maintain constant communications with the person? You should not borrow from a person you don’t trust or don’t know. Even if the person is not a very close friend, or should not be within a reasonable distance from you, you should be able to speak with the person over the phone.
Credit companies would ask you many of these questions before they approve the request for the loan.