Aside from just lending money to friends, you can also lend things. Books, tools, furniture, etc. The problem is finding a way to keep track of what you lent out and to whom you lent it. There are a couple of new web-sites that are trying to help people with this.
Thank u. U r a real friend. We would greatly appreciate if we could a get a specimen format.The subject matter has been explained at great length.It is fair to both the parties. Once again thank u.
This is really a very useful article.Not,that we always get into lending money to friends but we do get into such embarassing situations atleast occassionally.The author has provided certain useful tips like opening a joint account.
However, I find that the whole arrangement borders into regular ones for strangers.I'm unable to agree with the author on issues like collateral,pronotes etc., because it offends the friend that he's being treated as a stranger.Suppose the amount involved is really big enough for you to ensure its safe return,why not lend through a third party than going through all these painful issues?
I would apreciate such options than the regular precautions.I'm also eager to read more articles of these types.How about an article on "How to handle your son's/brother's request to lend your house as a collateral or your retirement money for his business?"
This is a very good piece of advice, well analysed and informative. Most of us suffer from the habit (inability of saying "NO') agreeing when we are not supposed to. Thanks a lot for the excellent input.
Another way of lending without risk is , give him the fixed deposit bond which he can take the loan from the same bank with those fixed deposit bonds as security. Advantage: Bonds in your name but in banks custody. Your friends gets his amount from banka nd will replay the amount to bank. You need not tell the rules to yiour friends. bank tell the rules of repayment etc.
