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Lending money to a family member or borrowing money from a friend can turn to be a problem because the things might not go as they are planned. Therefore, most of the people often find it difficult to make a decision of lending money to a family member or borrowing money from a friend.
We believe that things can become a lot easier for you if you deal with this situation as a formal business arrangement. Most of the time, the friends and relatives agree upon providing a loan on just a promise. But things get a lot difficult when the borrower fails to pay back the money or forgets his promise.
In order to avoid such kind of problem, you must generate a formal loan agreement containing all the important terms. This document indicates that the borrower has borrowed a specific amount of money from the lender. Some people also consider relying on a promissory note but the loan agreement is a better option as it contains detailed information about the loan.
In this agreement, you can set a deadline for the repayment of the loan. And you can also add a property as collateral for the loan. Thus, you’d feel comfortable when giving a loan to a friend or relative.