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How to be Safe When Giving Loan to Family and Friends
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[QUOTE="Holicent, post: 255596, member: 76163"] You might think that your family and friends are safe, but they're not. There are lots of situations where you can get into debt with someone you trust. Here's how to be safe when giving a loan to family and friends: Set a limit on what you're willing to lend. Put down an amount that you know will not cause trouble for them if they need it. For example, if your friend is in situation that requires financial help but also has a credit card debt, putting down a certain number will help prevent that from happening again. Check their credit report before making any loans. If they don't have anything on their report or if it was recently opened because their credit score was low at one point, then don't make the loan. Make sure they understand your terms and conditions before borrowing money from them. Make sure they understand exactly how much interest will be charged on the loan (and how often, if any) as well as how long the loan will last (for instance, six months or 12 months). [/QUOTE]
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