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How to be Safe When Giving Loan to Family and Friends
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[QUOTE="Ayuba Ernest, post: 255638, member: 70169"] When loaning money to friends and family, it is important to follow some basic safety measures to protect yourself and your money. First, only loan an amount of money that you can afford to lose. It is important to remember that you may never get the money back, so only loan what you can afford to part with. Second, make sure to get the loan agreement in writing. This will help to ensure that there is a clear understanding between you and the borrower about the terms of the loan. This agreement should include the repayment schedule, the interest rate (if any), and any other relevant terms. Third, consider using a collateralized loan. This type of loan uses an asset, such as a car or a house, as collateral. This way, if the borrower fails to repay the loan, you can seize the collateral to recoup your losses. Finally, consider using a cosigner to increase your chances of getting the loan repaid. By having someone else responsible for repaying the loan, you can minimize your own risk. [/QUOTE]
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How to be Safe When Giving Loan to Family and Friends
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