Is there specific etiquette for borrowing money from friends? Yes. We have all had the moments when we have been short on cash or an emergency has come from out of nowhere and have had to borrow money from a friend. In the current economy, borrowing from friends is not taboo; we all have felt uncomfortable in these situations, whether we have asked for money or it has been offered to us. As we know, money can ruin friendships. Here are a few etiquette suggestions for borrowing money from friends:
1. Have a heart to heart discussion with your friend before money is exchange. Both of you need to have a clear understanding and be on the same page. Establish if this is a gift or loan situation.
2. Do not borrow more than you can pay back.
3. Do not lend your last or money that you need back right away. This creates tension and anxiety.
4. Establish a time period to pay the loan back.
5. Keep all lines of communication open!
