Many people decide to lend to family or friends in times of need. However, before you agree to lend money, you should check whether you can afford to. Ask yourself the following:  Do you need to save additional money for retirement? If so, then lending might not be the best idea. Do you have debts yourself that you need to pay off? You could pay off your loans earlier if you don’t loan to friends or family. How important is it for you to be repaid and can you afford to make the loan? Loaning money to someone you know can put a serious strain on your relationship. If they are unable or refuse to repay the loan, you will have to weigh the importance of the relationship against your need or desire for repayment. Some loans never get repaid, and one important piece of information you should find out is why the borrower needs the loan. For example, the borrower might have unforeseen medical expenses or be struggling to pay off student loan debt. Even people who are careful with their money can rack up these debts. However, other people might be taking a loan to cover other loans. This is a sign that the person is in financial distress. Instead of making a loan, you should recommend that they see a credit counselor. There might be ways you could help family and friends without giving them a loan. For example, you could let them borrow your car, if they have unmet transportation needs. You could also suggest that someone move in with you for a period of time. These might not sound like ideal situations, but they are less risky than giving a monetary loan, which might not be repaid. Once you have decided to loan or borrow money, you need to sit down with the other party to the agreement and discuss the terms of the loan.  If you are borrowing money, be honest about your financial situation and when you can reasonably expect to begin repaying the loan. If you are lending money, set a hard limit on the amount that you are willing to lend and decide when you need the money repaid. If both parties state their needs and concerns, it is less likely that either party will resent the other party to the agreement. It is very important to agree to a repayment schedule that works for both parties. This will minimize resentment and tension regarding the borrowed money. By coming to an agreement on repayment, both the lender and the borrower should feel comfortable that the loan will be repaid.  If you are borrowing money, do not overestimate how quickly you can repay the loan. Create a budget and plan how and when you can reasonably make the loan repayments. If you are lending money, determine how quickly you need the money back and whether you can make an extended loan so that the borrower has an easier time repaying you. You can calculate repayment schedules and interest using loan calculators online.
احكم على مدى تحملك لإقراض الأموال. اعرف سبب احتياج المُقترض للأموال. فكر في بدائل القرض المالي. ناقش ثوابت وضوابط عملية القرض. ضع جدولًا زمنيًا لعملية السداد.