Friends and Family Asking for Loans?
Sunday January 11, 2009
What do you do when friends and/or family ask for loans?
Times are tough. If you're fortunate enough to stay on your feet through all the turbulence, your friends and family may ask you for money.
Of course the decision is personal and complex. Loans can ruin friendships and add stress to family gatherings. To prepare yourself and get informed, you might read about how others handle the situation. You can also formalize loans using P2P sites such as VirginMoney - that way there's a plan that everybody agrees to up front.
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You can also use sites like and the new to arrange loans among friends or family.
The benefit of Lending Club is that other people can participate, so you don’t have to pony up all the money for your friend, thus spreading the risk. The problem is that only good credit people can borrow there, so if your nephew has poor credit score/history he won’t be accepted.
Test our Free Loan tools or use ZimpleMoney’s web product enables people or organizations to make and manage family and friend loans. ZimpleMoney is focused on “naturally” occurring networks like family, friends, churches, schools, organizations, non-profits, charities and foundations. ZimpleMoney sends bills, receive and distribute payments, post to loan ledgers, sends late notices, sends alerts as to the status of billing and collection process and provides tax records. We also provide a digital document management tool to upload files. Take a look at our site at http://www.ZimpleMoney.com