There’s an American Proverb that states  “Before Borrowing MONEY from FAMILY  (or friends)  Decide which you need the MOST.

 

Collecting Debt between friends and family

Despite the harbinger of gloom behind that saying, there is some truth to it.  More families and friendships are damaged by money than nearly anything else.

 

However, Family and Friends are those closest to you, and those that know you the best.  Money can certainly pass between friends and family in healthy and productive ways.  More family businesses have been born from Family lending to Family than probably any other way of launching businesses.

We have run across a great article on how to safely borrow from, or loan to, family and friends.  We’d encourage everyone that values their relationships to read this, before taking the plunge and loaning funds within your most sacred of inner circles.

 

http://www.credit.com/loans/loan-articles/the-best-ways-to-loan-money-to-friends-and-family/

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