10. April 2021 · Comments Off on Loan Agreement Between Friends Reddit · Categories: Uncategorized

Anyway, we went and lent the money at 0% interest and told the friend that if they paid back the money in advance, we would withdraw $200 from the refund. We wanted to encourage them to repay the money as quickly as possible, without interest. We obtained a contract from Rocket`s lawyer, which we both agreed and certified notarized. Until that date, all payments have been made and we are one payment to be refunded in full. First of all, there is nothing wrong with lending to a friend. There is no good reason to categorically oppose it. Depending on the circumstances, it may or may not be a good idea. How well do you know her? Is it scaly? Are there good reasons why you think she can and cannot take her responsibilities to you seriously? Is $200 or $300 a reasonable payment based on their salary and lifestyle? That said, don`t expose yourself financially. Borrowing a single amount that you feel would not hurt you if you had never seen a penny refunded. If you exceed this threshold, it may upset you, even if it has fully complied with your agreement.

There is also a risk that something will go wrong without its own fault (dismissal, serious illness, etc.). If all your bases are covered at risk, it`s a good thing to help a friend. Yes, you can. But it is a very effective way to destroy a friendship. change: security. Get some guarantees for your friend`s loan. Even if I trust him, I feel that we should have it in writing. That is, the exact amount, the repayment plan, etc. What is the best way to go down with a loan like this in order to avoid any problems in the future? If you can`t consider it a gift, forget it. My GF lent money to my best friend to pay for college courses with similar promises.

He paid back about 10% in total. Why does the friend need it? If your credit is not good enough for a bank, it would be unwise to lend 25k to that friend. I borrowed money from friends and relatives and borrowed money from family… almost always with interest. But you have to know the person well and have a certain amount of confidence… and the worst case of being willing to lose money. I would if I were in your situation, but my circle of friends has been “down” over the years, so I`m only friends with people I wouldn`t even think twice about. My situation is different because I know that other people have different friendships. In the unlikely event that one or both of us die while the loan is outstanding to ensure that the rights and/or obligations of the loan are transferred into that party`s estate.

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