Finance

Financial Tips: How To Lend Money To Others the Smart Way

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Are you considering lending money to your friends or family? Are you aware that more than half of people have seen a friendship end because of money owed? There is a traditional saying which states: “Money is what spoils the heart of friendship”.

Loaning money to a loved one is more than a financial decision, it is also an emotional one. If your dear nephew comes asking to borrow money, it can be quite difficult to refuse such requests.

While you may be wise to shy away from giving out loans to a family member or friend, or even refer them to get a Rosabon personal loan. However if you are guilt tripped into giving out your funds, consider the smart approach to lending to others.

Here are some steps you can take to lend money to others :
1.Make inquiries:

Before you give out the loan, ask yourself:

  • Has the person asked me for money in the past?
  • Was I paid back in a timely manner, if yes?
  • What is the money used for?

Asking the right questions help you to find out in clear terms why the loan is required and your chances of getting it back.

2. Get your agreement in writing:

Set a deadline or involve a third party in order to let your friend or family member know that repaying the loan is a priority. If you however, have given out a loan and it is making family gathering awkward to ask for your money, you can put in subtle reminders.

3.Don’t be scared to say No:

As much as you can help it, don’t lend money to your friends or family so as not to jeopardize your relationship. Except of course, you plan on giving the person your money. You can instead refer such a person to get access to up to N6 million with Rosabon Personal Loans to meet with emergency needs. You can easily access loans within 48 hours and repay monthly for up to 15 months without any stress.

Always, remember!

At Rosabon Financial Services, we are here to journey through life with you by providing tailored loans solutions for you.

Click here to find out more or call 0700-ROSABON (0700-7672266), 01- 4601130, 090-8898-8555 or call Sophia on 0815 084 6659 (Port Harcourt), Chineye on 0815 088 0082 (Port Harcourt) or Aderonke on 0811 239 1001 (Abuja) or send us an email at [email protected]

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