It's never easy to say no to someone you love, especially when they come to you in need of cash. But lending a financial hand can leave you out of money and out of sorts with your friends and relatives. I often hear from people who have loaned money to someone they care about deeply, only to have to deal with the fallout when they don't get repaid.
Four Pitfalls to Avoid
According to Circle Lending, a company that helps formalize loans between individuals, about 14 percent of loans between friends and family end up in default, compared to just 1 percent or so for bank loans.
Resources for Unsecured Personal Loans
Resources for Prepaid Credit Cards
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