{"id":22555,"date":"2021-09-14T09:21:05","date_gmt":"2021-09-14T03:51:05","guid":{"rendered":"https:\/\/zerodollartips.com\/?p=22555"},"modified":"2023-08-11T18:18:31","modified_gmt":"2023-08-11T12:48:31","slug":"the-problem-with-asking-your-friends-to-lend-you-money","status":"publish","type":"post","link":"https:\/\/zerodollartips.com\/the-problem-with-asking-your-friends-to-lend-you-money\/","title":{"rendered":"The Problem with Asking Your Friends to Lend You Money"},"content":{"rendered":"\n<p>Asking your family and friends to lend you money often can be an extremely embarrassing and complicated situation for you, and that&#8217;s why you need to make sure that you&#8217;ve other easy and best financing options.<\/p>\n\n\n\n<p>When you\u2019re in need of some extra cash, you might be tempted to ask a friend for help with a quick loan. That isn\u2019t the best idea.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"873\" height=\"590\" src=\"https:\/\/zerodollartips.com\/wp-content\/uploads\/2021\/09\/asking-your-friends-to-lend-you-money.jpg\" alt=\"asking your friends to lend you money\" class=\"wp-image-22558\" title=\"\" srcset=\"https:\/\/zerodollartips.com\/wp-content\/uploads\/2021\/09\/asking-your-friends-to-lend-you-money.jpg 873w, https:\/\/zerodollartips.com\/wp-content\/uploads\/2021\/09\/asking-your-friends-to-lend-you-money-300x203.jpg 300w, https:\/\/zerodollartips.com\/wp-content\/uploads\/2021\/09\/asking-your-friends-to-lend-you-money-200x135.jpg 200w\" sizes=\"(max-width: 873px) 100vw, 873px\" \/><\/figure><\/div>\n\n\n\n<p>Find out why you should rethink your plan to ask friends for IOUs.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents:<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zerodollartips.com\/the-problem-with-asking-your-friends-to-lend-you-money\/#It_Puts_Them_on_the_Spot\" title=\"It Puts Them on the Spot\">It Puts Them on the Spot<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zerodollartips.com\/the-problem-with-asking-your-friends-to-lend-you-money\/#It_Can_Change_How_Your_Friend_Treats_You\" title=\"It Can Change How Your Friend Treats You\">It Can Change How Your Friend Treats You<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zerodollartips.com\/the-problem-with-asking-your-friends-to-lend-you-money\/#It_Can_Change_How_You_Treat_Your_Friend\" title=\"It Can Change How You Treat Your Friend\">It Can Change How You Treat Your Friend<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/zerodollartips.com\/the-problem-with-asking-your-friends-to-lend-you-money\/#It_Could_Ruin_Your_Friendship\" title=\"It Could Ruin Your Friendship\">It Could Ruin Your Friendship<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/zerodollartips.com\/the-problem-with-asking-your-friends-to-lend-you-money\/#What_Other_Options_Do_You_Have\" title=\"What Other Options Do You Have?\">What Other Options Do You Have?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/zerodollartips.com\/the-problem-with-asking-your-friends-to-lend-you-money\/#Credit_Card\" title=\"Credit Card\">Credit Card<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/zerodollartips.com\/the-problem-with-asking-your-friends-to-lend-you-money\/#Personal_Loan\" title=\"Personal Loan\">Personal Loan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/zerodollartips.com\/the-problem-with-asking-your-friends-to-lend-you-money\/#Selling_Something\" title=\"Selling Something\">Selling Something<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"It_Puts_Them_on_the_Spot\"><\/span>It Puts Them on the Spot<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>One of the reasons why it\u2019s a bad idea to ask a friend for an IOU is that it puts them in an awkward position. They might feel like a terrible friend for saying \u201cno\u201d to you, even if it\u2019s in their best interest to keep their money to themselves. And you don\u2019t want to guilt your friend into lending you money on the off chance that it will hurt your feelings.<\/p>\n\n\n\n<p>Your friend cares about you, but they might not be comfortable taking this financial risk for you. It might be better to ask them for a different kind of help that could make your life a little easier, like carpooling together to cut down on transportation costs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"It_Can_Change_How_Your_Friend_Treats_You\"><\/span>It Can Change How Your Friend Treats You<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Say your friend agrees to the loan \u2014 it could change how they treat you. They might scrutinize your spending decisions and budgeting problems. They might pester you with reminders to repay them. And they might get impatient or angry when you take a little too long to accomplish this goal.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"It_Can_Change_How_You_Treat_Your_Friend\"><\/span>It Can Change How You Treat Your Friend<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A loan can affect how you act, too. You might feel monitored or judged whenever you make a purchase in front of them. All the moments of fun and levity that you have with this friend are tainted by the fact that you owe them money. It could push you to avoid their company until the problem is dealt with.<\/p>\n\n\n\n<p>The entire dynamic of your friendship could completely change.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"It_Could_Ruin_Your_Friendship\"><\/span>It Could Ruin Your Friendship<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>And the biggest problem is, of course, that you might not be able to pay them back in full or on time.<\/p>\n\n\n\n<p>When you owe a major creditor some money, you accumulate interest and penalties. Your financial mistake leads to financial consequences. But when you borrow from a friend, the consequences aren\u2019t entirely financial. They\u2019re emotional. You could <a href=\"https:\/\/www.cnbc.com\/2019\/09\/26\/lending-money-to-friends-or-family-is-a-recipe-for-disaster-study.html\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"https:\/\/www.cnbc.com\/2019\/09\/26\/lending-money-to-friends-or-family-is-a-recipe-for-disaster-study.html\">lose a friend over a loan<\/a> if you don\u2019t take it seriously.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Other_Options_Do_You_Have\"><\/span>What Other Options Do You Have?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you need some financial help, you should reconsider asking your friend for an IOU \u2014 or at the very least, treat it as a last resort. You can try these options instead:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Credit_Card\"><\/span>Credit Card<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>You can use your credit card to cover a problem that you technically can\u2019t afford to pay for at the moment. This is a fine option, as long as you\u2019re not close to your limit. Maxing out your card will create more financial trouble for you.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Personal_Loan\"><\/span>Personal Loan<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Or you could take out a personal loan online. You could go to a website like <a href=\"https:\/\/www.creditfresh.com\/online-personal-loan\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"https:\/\/www.creditfresh.com\/online-personal-loan\/\">CreditFresh<\/a> to see whether you meet the qualifications and send in an application. If you\u2019re approved, you could use the funds to deal with your problem.<\/p>\n\n\n\n<p>This is an ideal option for dealing with small emergencies, like unexpected car repairs or appliance replacements.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Selling_Something\"><\/span>Selling Something<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Finally, if you\u2019re not under a tight time constraint, you could sell some of your gently used items to make some extra cash. Look at all of the <a href=\"https:\/\/mashable.com\/article\/where-to-sell-stuff-online\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"https:\/\/mashable.com\/article\/where-to-sell-stuff-online\">best websites to sell your things<\/a> and make a decent profit. You can sell everything from clothes to old childhood collectibles.<\/p>\n\n\n\n<p>Friendships are priceless. Don\u2019t risk ruining your friendships because of money. There are better ways to get financial help.<\/p>\n\n\n\n<p><strong><span style=\"color:#009e05\" class=\"has-inline-color\">You may also be interested in checking out:<\/span><\/strong><\/p>\n\n\n\n<ul><li><a href=\"https:\/\/zerodollartips.com\/money-saving-tips-tech-items\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"How to Save Money When Buying Tech Items\">How to Save Money When Buying Tech Items<\/a><\/li><li><a href=\"https:\/\/zerodollartips.com\/make-money-online-fast\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"9 Legitimate Ways to Make Money Online Fast and Free\">9 Legitimate Ways to Make Money Online Fast and Free<\/a><\/li><li><a href=\"https:\/\/zerodollartips.com\/earn-money-online-without-investment\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"Top 15 Best Ways to Earn Money Online Without Investment\">Top 15 Best Ways to Earn Money Online Without Investment<\/a><\/li><li><a href=\"https:\/\/zerodollartips.com\/technology-save-money-home-insurance\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"Can Technology Save You Money on Home Insurance?\">Can Technology Save You Money on Home Insurance?<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Are you thinking of asking your family or friend to lend you money? If yes, you should know the problem with asking your friends to lend you money.<\/p>\n","protected":false},"author":1,"featured_media":22558,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,68],"tags":[153,69],"_links":{"self":[{"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/posts\/22555"}],"collection":[{"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/comments?post=22555"}],"version-history":[{"count":5,"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/posts\/22555\/revisions"}],"predecessor-version":[{"id":22561,"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/posts\/22555\/revisions\/22561"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/media\/22558"}],"wp:attachment":[{"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/media?parent=22555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/categories?post=22555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/tags?post=22555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}