Borrowing money from a friend is often easier, safer, and less bureaucratic than asking the bank for money. However, borrowing money from someone can be annoying and annoying if done wrong. So we’ve prepared these 6 steps for you to apply for a loan successfully.
1 – Choosing the right person:
Separate the relationships that give you openness to talk about business, investment and money, and of course, that you know that you can borrow the amount. If that person already has money invested in savings, stocks or other investments is a plus.
2 – Submit the application as an investment:
Repaying the loan with interest is the best way to make the application attractive. Otherwise, it’s like asking for a gift. The average interest that banks charge for a personal loan is 7.05% per month, other lines such as overdraft or the revolving credit card amount to up to 15% per month.
However, if your friend invests in savings, CDI or other common investments, the average earnings is up to 1% per month. Compensating with 2 or 4x the average saving gains is very attractive to the investor, and even then, you would pay less interest than the bank’s interest.
3 – Formalize the loan:
Insist on formalizing the loan with agreed amounts, interest, installments and forms of payment. This will give more security to your friend. Getting with an already formatted proposal and with advantages to the lender is a great way to start a loan application. You can formalize the loan by making a contract with all the agreed data.
4 – Prioritize payment:
One study found that the main reason creditors refused to lend money to a friend was the fear of having to collect payment from them and that would end the friendship or generate friction between relatives. So it is critical that you pay off this debt as if you were paying a bank.
You can propose to pay a fine and interest if you are late. Showing this concern is critical to receiving a yes.
5 – State the reason for the loan :
If you need money, it’s for some specific reason. Showing the specs for this reason can be a way of validating your request. If you have expensive debt, such as overdraft or credit card, show that you want to repay this debt for cheaper debt.
If money is for a new business, show the planning and how well prepared you are to get this business to work. In addition, people do not tend to lend money for consumer items like buying clothes, shoes and other non-essential items.
6 – Prove ability to pay:
Do not take out a loan if you do not know how you will pay or have not done any financial planning. You can show that you have bank limits such as overdraft or credit card. Also, you prefer cheaper debt or you’re waiting to receive a bonus, 13th or other amount that will help equalize your debt. There you can pay the installments without problems.
Remember that your friend is not a bank, he can not do a risk analysis of his profile alone, so take the information that you think is relevant to him.