(And let us know if any of our advice helped we lovereader feedback.)

Thats just what happened to a friend of mine.

They never did get the money back, and their relationship with the niece has never recovered.

Image: Borrow money

Heres how to verify you get your money backandkeep your friendship.

This is nothing new: as Benjamin Franklin once said, Creditors have better memories than debtors.

Probably not as good as youd like.

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It always seems like an uphill battle to build (and keep) a decent amount in savings.

But what if your car breaks down, or you have a sudden medical bill?

Ask one of these companies to help…

A loan shouldnt depend on anyones memory.

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Those people risk losing the relationship altogether when the deal sours.

Did you know?

Payments will be made by [payment method].

[Borrowers name] can pay the loan off at any time with no prepayment penalty.

You will have more legal standing if you have this document notarized, which could cost a few dollars.

Charge Interest

Many people wouldnt think of charging interest to a friend or family member.

Now that you have everything set up, dont comment or gossip about how the borrower is spending money.

Thats not your concern.

Butdont accept not being paid.

Stand firm and be understanding, but professional.

Let the borrower know that this loan is important.

Your Turn: Have you ever loaned money to a friend or family member?

Disclaimer: This article does not constitute legal advice; the author and The Penny Hoarder are not lawyers.

For further information, hey consult an attorney.

Laura Agadoni has a background in credit union marketing.

Finance, San Francisco Gates real estate section, Zacks, Arizona Centrals small business section and InsuranceQuote.com.

No Interest Til Almost 2027?

Balance Transfer = Credit Card Cheat Code