Let there be no doubt about it, but that securing a loan through a bank, credit union, or other more traditional source had become more difficult. So now more folks than ever are turning to relatives and friends in the hopes of a personal loan, but there is a problem. That is that lending this way has always had its fair share of potential pitfalls.

Now the difficulties usually come in because of two things and if you’re careful to stay away from them, you should have no issues. Now the first of these “things”, is failure on the loan recipients part to repay the loan on a timely basis. Then the second of these things is the lender not feeling appreciated for doing you the favor, and it’s a huge favor they are doing.

Now the first item being covered in this report is how to make the proposition. That is how to ask for the loan and also the thing you don’t want to do is put the person on the spot. Let them know that if they refuse that you’re OK with their decision and also make certain to let them know that your financial need is only temporary. Tell them the money to repay them is coming.

You undoubtedly don’t want them to feel like “they have to loan you the money” simply because that is the most effective way to get turned down. Keep in mind that they aren’t a banker and their concerns may possibly be for the relationship, not for the cash itself. Now if they initially reject your request, be polite and accept their decision simply because the better you deal with it, the better the odds of them changing their mind.

Collateral always works great for procuring loans of this type, so take inventory of your personal possessions before you try for the loan. You should be willing to put up something of such value that it readily exceeds the value of the loan you are requesting. Also be willing to forfeit possession of your item of value until your loan is paid back in full.

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