When people find themselves in a money crunch, sometimes the natural reaction is to turn to family for help. Parents, grandparents and siblings often are willing to lend a financial hand via a loan.
If you are asking for a loan of more than $100, you need to know the answers to at least three key questions:
• Why do you need the money?
• How do you expect to pay this back?
• What are you doing so this doesn't happen again?
If you can't answer these questions honestly, you are not ready to ask for a loan.
If you can answer these questions, you need to know how to minimize the potential for resentment and destructive situations. These tips will help.
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