What to Do When Family or Friends Ask For MoneyWe’re currently living through unimaginable times. Things are a bit rough for us all lately. And then, perhaps, another unimaginable thing happens to someone you love. Maybe they’ve blown a tire and can’t get to work. Or, maybe their refrigerator is broken. What can you do? We’ve all faced a situation where family or friends have asked us for money. Maybe it’s a few dollars. Or maybe it’s more than that. And while you may want to help out, you also have your own hardships to deal with.
What can you do when your family or friends ask for money? Here are a few ways to prepare for that conversation in an effort to make the talk a bit less scary.
Receiving Help Is OkayBefore offering up your hard-earned cash when family or friends ask for money, you might suggest they seek government funds through various disaster assistance programs. Here are five programs that may help:
- Disaster Financial Assistance [USA.gov]
- Track My Stimulus Check [IRS.gov]
- Expanded Unemployment Benefits [U.S. Dept. of Labor]
- 401(k) Penalties Waived [Debt.org]
- Small Business Relief [SBA.gov]
How to Help When Family and Friends Ask for MoneySeeing someone you care about endure financial hardship is tough. And it isn’t easy for them to admit that they need financial help. In fact, sometimes it’s the hardest option. If you have the means to help out, or are considering loaning a loved one some funds, you’ll want to protect yourself while lending a helping hand. Here are 4 steps to help you prepare for when family or friends ask for money:
1. Make Sure It’s a Reasonable RequestAsk your loved one to deeply consider how much money they need to bring themselves out of a bind. Aim to make this number as small and conservative as possible. It should be reasonable to their immediate needs while also taking into account the amount of money you have available. Remember, you never want to lend family or friends money if it will jeopardize your situation, too. After all, everyone has their own bills to pay. Ask them to be respectful to your financial position.
2. Outline Your ApproachBefore you just outright hand over cash when family and friends ask for money, you’ll want to outline your approach. Understand their exact reasons for needing money and their intentions for spending it. Strive for full transparency here. The best way to achieve this is to put it all on paper. Help them outline their financial needs with specific dollar amounts and details. This will show preparedness and help them understand the seriousness of their request.
3. Put Together a PlanThen, create a payment plan. Make sure to include specific payment dates and the amounts they promise to repay. Again, it’s a heavy burden when family and friends ask for money, so having a well-prepared plan will help create financial responsibility. Also, you may want to negotiate the amount of interest you request as repayment for the loan. Every financial institution requires lending charges in some form or another, so it only makes sense you’d want your cut, too.
4. Don’t Get Too EmotionalIt’s obvious that you care and want to help their situation. However, don’t assume or expect that everyone will repay their debt obligation as promised. If you decide to decline when family and friends ask for money, respectfully explain your decision while reminding them that you value your relationship with them. Hopefully, this respect will make them more comfortable in an awkward situation.
At Check Into Cash, You Don’t Have to Ask Family or FriendsIf you’d rather avoid this situation altogether and choose not to lend your hard-earned cash when family and friends ask for money, simply direct them to Check Into Cash. In fact, we believe we’re the better option for someone low on funds, and here’s why:
We lend funds without any tension.That’s right. No awkwardness. No silent Thanksgiving dinners. No hard feelings. We’re in the business to lend funds people need, right when they need it. We specialize in hassle-free lending.
We have many options.You won’t break our bank! As a local lender, we may have multiple options to offer your family and friends. It’s what we’re here for.
We provide a clear payment schedule with agreed-upon terms.We don’t really like surprises. Instead, we make sure everyone fully understands their loan agreement terms. Borrowers know when to pay and exactly how much. It’s clear-cut, just the way it’s supposed to be.
About Check Into CashWe’ve been helping our customers and communities since 1993 and we like to think of ourselves like trusted family members you can rely on for financial needs. A small Check Into Cash loan can help keep you, or your family and friends, financially stable.
Inquire About Installment LoansAn Installment Loan is a longer-term loan that offers higher dollar amounts. Simply pay it back over a longer period of time with lower payments over terms ranging a few weeks to a few months. See if this loan option is available in your area.
Talk to Us About a Title LoanIf you own a car, depending on the vehicle and other factors, you could access loan amounts up to $25,000 with a Title Loan, depending on your area. Simply bring your clear vehicle title and a few other documents, like proof of income and photo ID, depending on your state. Check Into Cash keeps you on the road with an easy Title Loan process and fast cash for your lien-free, titled vehicle.
Try a Payday LoanNeed a small, quick loan? A Payday Loan is a small-dollar, short-term personal loan used to help with unexpected expenses. Payday Loans generally range from $50–$500, depending on your area, and are not intended for use on large purchases.
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