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
A credit score of 597 is typically considered subprime or fair, according to Credit.org from Springboard. Within the subprime score range of 550 to 620, approximately 50 percent of borrower accounts become delinquent. Borrowers with a score of 597 may have trouble getting loans, and any credit they are approved for may come with fees and high interest rates.Full Answer >
When a borrower misses a payday loan payment, the lender can charge a fee for the missed payment and make an attempt to collect the debt. The lender may cash the check it has on file, which could trigger the check to bounce at the debtor's bank, states Washington Law Help. Payday lenders may decide to send a defaulted account to a collections agency.Full Answer >
A consumer can sell a car if they still owe money on it, but the balance must be paid in full to release any liens against the title. That's why car owners always want to sell a car for at least as much as the balance of the loan.Full Answer >
Apply for an Old Navy credit card by visiting a retail store or filling out an online credit application. Be prepared to supply your personal contact information, monthly income and residence details. As of 2014, applications are approved and issued by Synchrony Bank.Full Answer >