If you’re hoping to borrow, come armed with a payback plan
Just because potential lenders should think of the loan as a gift doesn't mean borrowers should treat it as such. When you ask someone you love and trust to give you their money, it's a sign of respect to present a thought-out repayment schedule.
Have a real conversation about how the loan will get repaid and when. Once you start talking about money, it only takes about five minutes for the conversation to become less awkward, and you can talk about it like the numbers on paper that it really is.
Putting the loan terms in writing can go far to promote peace of mind and reduce resentment.
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