If at all possible, resist the urge to lend money to family and friends. It doesn’t feel good to turn someone down when they’re in dire straits, but often the outcome of the situation is more dire than the request. There can be tension, you may never get the funds back, it could lead to resentment. You could lose both money and a friend!

If you still wanna go thru with it, financial experts say make sure the loan isn’t open-ended. Set a mutually agreeable timeline, and be sure to stick to it. And put everything in writing!

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