How to ask a friend for money?

ask friend for money

It can be difficult to ask a friend for money, but sometimes it is necessary. There are many reasons why you might need to borrow money from a friend. For example, you might need to buy a house or get married.

In this article, we will explore the different ways that you can ask your friends for money without feeling awkward about it. It is never good financial or money management advice to borrow money, so keep that in mind and understand we’re not recommending you do so.

When to borrow money from a friend?

There are many reasons for asking for money from a friend. You may have just found out that you have cancer and need to pay for the medical treatments. Or you may be going through a divorce and need some help with the bills.

But before you ask your friends for money, there are a few things you should consider:

1- Only ask when you have a plan about how to return it:

We should not ask a friend for money. It is not appropriate to ask a friend for money, even if you are in dire need of it. The only exception to this rule is when you have a precise plan that cannot fail of how and when you will be able to pay your friend back. And make sure you don’t make a habit out of it!

If you inform your friend of exactly when you will pay them back and if the person has agreed to lend you the money, you can go for it. But, you should have an agreement in writing or verbally that you will give it back by a specific date.

2- Only ask a very close friend:

Never take a loan from people you don’t know. If you do so you may be endangering not only yourself but your entire family. Nobody wants to be caught up with the wrong type of people. So if you’re going to borrow even a small amount of money, make sure you ask a close friend that you have known for years.

This way you can have peace of mind knowing that they will wait for the entire period of time that you agreed on with them and not cause you issues before then. You can also know that they will not play any dirty games nor ask for something else in return or cause permanent damage to your mental health.

How to ask a friend for money:

1- Make sure all expectations and intentions are clear:

If someone has agreed to give you a loan, then they may be expecting to get paid back with interest.

It’s better to have some sort of written agreement even with a friend and especially if they cannot afford to see that amount of money being lost forever. You have to be just and prove that you have every intention of paying the money back and reimbursing it all.

So it is better for you to be the one asking for things to be recorded on paper, even if it means creating problems for yourself if you can’t return the money.

And, this is also a good thing to hold yourself accountable so that you’re forced to pay them back before thinking of enjoying anything. This way you can only ask for it if you have absolute guarantee that you will be able to return it. In this case, if things turn sour, there will be a way to legally enforce the repayment of the loan.

2- Explain yourself:

If you are in a tough spot and need help, it’s possible to ask your friends for money. But make sure that you have a plan of action and that it’s not just an “I’ll figure it out later.” Be honest with them about the situation, so they know they are helping you because they want to, not because they feel obligated.

If you are asking a friend for money, it is a good idea to have a conversation with them about what you will do with the money and how soon you will pay them back as mentioned earlier. The two of you can come up with a plan that works for both of your needs.

3- Don’t insist:

If your friend is going through a financial crisis too or has just made an investment or maybe is going through something you don’t know of, then they may be unable to help. And, that’s regardless of how “rich” they are or how much spare money you think they have. Nobody is obligated to give you their own money if they don’t feel like it.

Indirectly threatening to give up on the friendship or implying that they’re not a good friend can be viewed as blackmail. So it is better not to put any type of pressure on anyone to give you money. Even if you think they have money and won’t be much affected financially if they lent you some, it is not up to you to decide what others should or should not spend on.

Nobody is forced to add you as an expense to their monthly expenses… And, whether you like it or not there’s a widespread idea that someone who will borrow money once, may make a habit out of it. This brings us to the next point.

4- Clarify that it’s a one-time occurence:

It is always a good thing to clarify that you’re in a rather unusually tight spot and that you won’t put yourself or your friend in a situation like that again.

It is not a good idea to ask your friends for money the first time, let alone a second and third time. You should only do it for a one-in-a-lifetime emergency or if they are willing to help you, having known about your financial issues and before you even asked.

The first reason is that it can make your friendship awkward. They might not want to hang out with you anymore and they might be mad at you for asking them for money. The second reason is that this could make people think that you are a freeloader, which could hurt your reputation and feelings.

So it is worth considering all of this before you proceed with asking. Also, tell your friend that they won’t have to chase after you everywhere for their money and set a date accordingly with your plans, as your last deadline to return it.

Should you lend money to a friend?

A friend is someone you trust with your personal information, someone who has seen you at your worst and still loves you. They are the person who is there for you, no matter what. So, when they ask for money, it can be hard to say no.

We should always remember that a friend asking for money is not the same as a stranger asking for money. But first, you have to be able to differentiate between a true and fake friend!

A lot of people would give their friends money if they needed it because they know that their friends will be able to pay them back in the future. But, we have to ask ourselves if this person is going to be able to pay us back in the future?

If we don’t think so then we should not lend them any money that we can’t afford to lose. And it is a general rule for our own mental health and sanity to only ever lend money that we know we may have lost forever.

It is natural to want to help out a friend in need. But, you should avoid getting caught up with them in sour altercations about returning your money. It is better to offer them a favor in return, like helping with their housework or cooking dinner for them.

It is hard to say “no” to a friend who is asking for money. But it’s important to remember that if you give in and give them the money, you are setting a precedent for them to ask again and again.

Giving your friend money may not solve their problem. It may only make it worse. So make sure you investigate and see what they need your money for and if it’s a good cause or a truly desperate situation. If you have any doubts about whether or not you should lend your friend some money, talk to them about their situation before giving them any cash.

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