Lending money to any known or unknown people can be dangerous at times. It may harm you economically, if the person you are lending, don’t return you your money. So, here are 5 simple still effective tips before lending money to anyone:
1. Know about the person: Always know about the person to whom you are lending money. It will reduce the risk of losing your money forever. If you want to lend money to a friend, be sure that he/she is responsible enough to return your money in time.
2. Check your balance: Sometimes, people lend money without considering their own balance. They feel guilty in the future, when they find that it was not the right decision to lend money. So, always check whether you are capable of lending money to someone or not.
3. Write down notes: Sometimes, people lend money and forget about it. It happens because of their busy schedule. So, always have a written document of lending money. If possible, take a signature of the person on the paper, in which you have written the amount of money, date and time.
4. Have a witness during lending: If you are not so sure about the person, always have a witness during lending the money. It may be your friend or your colleague.
5. Give a time limit: Give a time limit to the borrower before which you want your money back. Otherwise, the person will delay returning your money or may forget about it totally.
Thanks for reading this post.