I don’t think it’s a very good idea to borrow money from a friend. It can cause resentment and awkwardness in the relationship. How do you approach your friend without making him feel like he has to do something for you? It’s unlikely that he’ll turn you down. Could he turn you down without insulting you? Probably not.
How do you know whether your friend can afford to lend you money? He may be embarrassed to admit he’s a little short of on funds, or he might not want to disappoint you. So he lends you the money that he needs for himself.
There’s also the question of when you’ll pay him back. It’s awkward for your friend to ask for a deadline for repayment. Besides, if you’re short on cash, you may not be able to predict when you’ll pay him back. What about interest? Not if it’s a small amount of money; however, if a large amount is involved, and you won’t be able to pay it back for a while, should you offer to pay interest? Should your friend ask you to pay interest? All these issues can result in hurt feelings and a damaged friendship.
It’s possible, of course, that if you borrow money from a friend and pay it back in time, this will create a special bond between the two of you. You’ll know that you can count on your friend when you need help. He’ll know you’re trustworthy.
However, more often than not, money issues between friends create greater problems . If you need money, it’s better to go to a bank for a loan.
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