“Neither a borrower nor a lender be; for loan oft loses both itself and friend”, Shakespeare’s advise. To lose friends less oft, here’s how.
- If you’re Lending
When lending money either to a friend or someone else, always set a firm date on when the money should be returned. Remember not to lend money more than the borrower can afford to pay. Lastly, if a big amount is involved make sure to make draft of a written agreement including the scheduled payment dates and the signature of both the lender and the borrower.
- If you’re Borrowing
In borrowing money, make sure you only borrow money that you can afford to pay back in a timely manner. Make a guideline or a schedule of payment dates. Make a clear statement on exactly when you are paying the loan and how you are going to pay it. If unable to pay on time, don’t ignore your friend’s calls. If possible be the one to call your friend to reschedule the payment date. At least you have the decency to face your friend and tell him/her that you can’t pay on time; then you’ll still have him/her as a friend.
This way you and your friend can still be in a harmonious relationship.
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