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Loans from family and friends

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I don't generally love this idea as it can lead to relationship breakdown. But if you do go down this road, ensure you write down the terms on paper and sign it in front of witnesses with your family/friends. When drafting the terms, consider factors such as the time frame for loan repayment, the exact dollar amount owed (total amount and the agreed repayment amounts) and other accountability/terms (e.g. if the loan is not paid back within six months, the borrower must re-finance with a personal loan). Make sure both the lender and the borrower have a copy of the written terms.

Sort Your Money Out

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