Financial emergencies are inevitable. That is why it is so important to have a sure solution ready in case the worst happens. One way to stay on the safer side here is to have some money saved ahead of time. Failing that, if you have good credit, you can secure a loan from a bank. There are several places you can get payday loans in California. So, even if your credit is poor at the moment, you still have options.
Yet, you might want to exhaust closer alternatives first. In this case, you might be considering borrowing money from family members. Keep in mind that doing this can create some tension between you and that family member. But if you’re willing to move forward regardless, you have to do this right.
While asking for fiscal help seems easier than your other options, it does come with its issues. For this reason, you need to be as careful as possible here. This type of conversation can be difficult to have with family. So, to avoid any awkwardness, you need to be clear with your thoughts and intentions.
Explaining what you intend to do with the loan
When it comes to money, you have to be truthful. This means letting them know exactly what you plan to do with the money. When the trust is mutual, it is easier to borrow anything you want to.
Creating false problems might seem like a better option, but that’s not true. Pretending to have issues you don’t might invite further scrutiny. Explain the situation you are in, so they know why you need help.
Letting them know you’ve explored other alternatives
This is a great way to let your family know you don’t take them for granted. By letting them know that you’ve exhausted the other options within your means, you’re sending a message. That you have consulted other avenues tells them two things: first, that you don’t plan to make a habit of borrowing from them, and, that you need the money you’re asking them for. This is enough to compel them to loan you what you need. Even if they can’t, they’ll be more inclined to help you get the money in any way they can.
Establishing a firm pay back date
Even though you’re not borrowing from a corporate body, it doesn’t hurt to treat this case as such. One thing that helps here is to put yourself in their position. In their place, it is only normal that you’d want to know when you’ll get paid back, right?
In the same vein, ensure you have a solid payment plan in mind for any loan you want to get from your family. Try to set a fixed date for paying back whatever you take. Be very thorough and specific on the details.
If you can, draft an agreement that contains all the details of the loan. This can prove very helpful as memory can fail sometimes. When you are clear on the rules governing the loan, you are less likely to err.
Use a polite and respectful approach throughout the talk. After you finally get the loan, it is best to start saving up to repay as soon as possible. It isn’t a bad thing if you pay back ahead of time. Remember that this is family. As such, you’ll stay in touch even after the loan. How you handle the loan will determine how that relationship will be.
Adam Mulligan did his degree in psychology at the University of Hertfordshire. He is interested in mental health and well-being.
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