You should try other methods before asking your relatives and friends for money. Borrowing money from friends and family can be emotionally difficult so proceed carefully.
Help your relatives and friends understand your situation and take time to explain why you need the money now and what you need the money for.
In writing, clearly communicate when you will repay the money and the amount of interest that you will pay.
What if you can't pay your creditor back? Consider using something valuable to you as collateral (something that your creditor can keep if you fail to pay).
Forget about having to remember to pay your creditor each month. Let your bank remember for you.
Put all the details of the loan in a written, signed agreement. You can use the AdobeScan mobile app to share your signed document.
Think carefully about what you will spend your relatives' money on. If they see you dining out on social media they probably won't be too happy...
Sources: US News, Forbes
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