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Financial help is much valued in the present time, but if you’re the one who is lending money, there are ten things in the back of your mind while helping someone. The insecurity of getting the money back on time, the problems with being nice and people taking it for granted, all of it can make you regret lending money.
So, are there any specific tips that can make helping in today’s time, less stressful?
Of course there are!
Make Lending Money an On-paper thing
The basic rule is that never keep the entire affair casual.
Keep proper documentation of the money you have landed with the signature of borrower. Otherwise, the money landed will be considered as gift and the rules of taxation will differ accordingly.
Form a Debt Repayment Plan
While lending money, sit with the borrower and form out a plan on how will they repay the loan. At least set a monthly interest amount to be paid.
You can make it lenient by starting this plan after six months or a year- whatever suits their financial condition better.
Having a repayment plan will help you recover your money and it will equally help the borrower to get out of their debts.
Know that creating a repayment plan is not a way to pressurise the borrower, rather, it’s a way to make them feel responsible. There are proven examples that this way, money is repaid easily, and at times, much before the deadline.
Their Lifestyle is none of your business!
Different people have different lifestyles, different places to spend their money.
You may be the sort of person to whom the kitchen remodelling is more important than catching up with each and every good movie in theatre. Now, if your borrower doesn’t have the same mindset, you can’t question it.
Before lending money, know that the borrower may spend it for something that’s useless from your point of view. If you can’t accept it, avoid lending the money to start with!
Assure the Presence of people Directly affected
The people directly affected by the decision of both the parties, i.e. the parents or spouses, should be present when the money is landed and/or the repayment plan is formed.
The mutual consent is vital in such cases.
Spouses are the people who have the equal share of all the decisions taken by their partners. So, if a husband/wife is lending/borrowing a huge chunk of money, their significant other should be there to have a say, because they’ll have to go through the consequences equally!
Forgive and Forget
Even after all the precautions, there will be chances that your borrower can’t pay the debt. As a lender, you need to be ready for that risk.
Know your point where you can ‘let go’ of it. Apart from it, don’t let the matter spoil your relations.
Be forgiving and forgetful. Because in the end, relations matter more than money.
