From the article: Family Loan
A family loan can help you or somebody in your family save money. When done correctly, everybody wins. Find out how to use a family loan from other readers who've been there before you. Share your story about a successful family loan. Share Your Story
My Family Loan Story
- I needed some additional funding to finance my first year Architecture program and approached my aunt with regard to a loan. We already shared a close relationship and besides, she really wanted to help me out with my degree. Though it would have been o.k with her, I didn't really want to seal the loan over a handshake. I was referred to a loan servicing app called LoanBack (www.loanback.com) through a friend of mine and I've since used it to track my loan payments and haven't missed a single one! Plus this hasn't hampered our relationship at all, if at all it's even better!
- —Guest Jordan Daniels
win win situation
- We helped our daughter by lending money to pay off credit cards. She was paying over 20 percent (!) and we had funds to spare earning 1 percent at the bank. We wrote a simple aggreement and charged interest at the IRS required level. Look at their website because the rate changes every month or so. Now we earn more and she pays less and everybody wins. Plus she is not as stressed and we don't watch her waste money on credit cards.
- —Guest bank of dad
