How to Borrow Money from a private party or for emergencies

The First rule to borrowing money is never from friends or family but, sometimes if you follow a few simple rules this is your best option and is sometime your only.

Difficulty: Moderate

Instructions

Things You'll Need:

• Something for the loaner to hold clateral of some sort
• A good reason
• trustworthiness

1. Only borrow money if it can't be avoided.
   Also never borrow money you know you cant pay back.

2. Also try to have some sort of clateral to give the other party to hold depending on the amount. this is like a security deposit that you will repay the loan and if you don't repay then the other party will have something that will be of value to recoup their loses.

3. Make a written agreement between you and the other party specifying when and how the loan will be paid back and what consequences will follow if the loan is not repaid by the date set . Also always write receipt when pay in instalment with the amount paid and the amount left owing and of course the date it was paid included on the receipt

4. Paying your debt back quickly most likely will build trust and enable you to borrow again .
   Last but not least never assume that you will not have to repay the loan unless the other party has put it in writing that they are forgiving your debt.

Tips & Warnings

• Be thankful
• Be truthful
• Always pay your debt
• Don't borrow for things you don't really need
• Don't borrow to often