In tough financial times, consumers generally resort to whatever means possible in an attempt to stay afloat. In some cases, that means turning to a trusted friend or family member for support. After all, there isn't anybody that knows you and trusts you as well as family and close friends. In order to prevent these relationships from souring, it is best to have a plan and set reasonable terms prior to the exchange of funds. Friends and relatives may even tolerate a late payment or two if times get even tougher. However, if you want to maintain the relationship, its best have a written agreement. You should establish the interest and repayment schedule in writing to avoid misunderstandings and hard feelings. You must be scrupulous about adhering to the schedule out of respect for your friend or family member's sacrifice. Pay on time to keep their trust.
Be sure to contact us to discuss all of the options available to you before making a decision.