Asking friends or family for financial help requires being honest about one's financial situation, including the possibility of and timetable for paying money back. It also involves treating the request as a business transaction, keeping lines of communication open and showing gratitude for any loan or gift received.Know More
According to Survivorship A to Z, people asking for money should be able explain how much they need, why they need it, and how and when they plan to pay it back. If there is a chance that the loan cannot be repaid, that possibility must be discussed openly.
Asking a friend or family member for a loan or gift of money usually introduces awkwardness into the relationship. Keeping the entire transaction on a businesslike basis helps diffuse discomfort. Drawing up paperwork regarding a loan is one step that can help to preserve a relationship, and offering to pay interest at a low rate can help keep the transaction professional. People should avoid asking friends or family to borrow money on a credit card, since interest mounts up quickly, and the card holder's credit rating could be harmed if repayment is late.
Expressing gratitude is crucial when taking a loan or gift from a friend or family member. A handwritten note of thanks is a small step to take when a friend has helped with money.Learn more about Credit & Lending
When a family needs financial help, options to provide assistance include giving a gift of cash, making a personal loan or co-signing on a bank loan, hiring a member of the family, or prepaying some of the family's bills. Non-monetary help one can provide to a family in need of financial assistance includes helping to develop a feasible budget and connecting the family to others who can provide help.Full Answer >
A late fee should only be charged if a written agreement outlines this possibility. Some states have a cap on how much can be charged for a late fee; check the state laws regarding the maximum that can be charged.Full Answer >
Several online sales tax and fees calculators are available that help you estimate how much you pay when purchasing a new car. State-specific sales tax calculators allow you to determine the estimated TTL for a car in Texas.Full Answer >
Skip tracing is the practice of tracking down the location of people who are difficult to find without the help of an investigator. Skip tracing also describes the act of skipping from one source of information to the next during the process of finding someone.Full Answer >