Giving loans to your wife or friends

When a person needs funds right away, they tend to ask for help to their close ones first before jumping into any loans. There are also some who already have several unpaid loans that are why they are having a hard time getting a loan approval thus approaching a family member or friend instead to ask for a helping hand. Alternatively they may want to check this website for moneylender reviews:

https://www.moneylenderreview.com/best-licensed-money-lender-singapore/

Have you already tried being in the situation where you are going to be the lender particularly for your significant other? It may seem easy to lend your significant other the funds they need but definitely; it is not. Letting someone borrow your hard-earned money is not simple especially that we are going to take a risk but how about our significant other, are they considered a high-risk borrow?

The answer would depend on you and with how you know your significant other thus you have to make sure that you can choose the right decision because it is not just your money that is at stake here but also your relationship with your partner.

Things to Consider Before Lending Your Significant Other Money
● Know your partner very well
If the one that will be lending your money is your spouse or fiancé, it is understandable if you are going to give them the money they need right away because the two of you are expected to help each other but if you aren’t at that stage yet, you should think twice before lending your money.

There are many reasons why a person borrows money, and you have to ensure that your partner has the right reason to lend money from you. For example, your partner is asking you for a loan because he or she has cut short with his monthly budget after buying a newly released gadget. Do you think your partner deserves the money you are going to lend him or her?

As a partner, you should also teach your significant other to be responsible enough in dealing with their finances as early as now.

● Offer it as a gift
Your partner may only need a small amount of money; in this case, you may opt to offer the money as a gift or help instead and surely, your partner will appreciate your care for him or her and your generosity.

● Check your finances
Even though you are eager to help your significant other with his or her financial problem, you should also check whether you can afford to lend your significant other the amount he or she needs. Although it is fulfilling to help your loved ones, you should also consider yourself especially if you as well have debts to take care too.

● Consider adding an interest
There are some cases where you should consider also adding an interest particularly if your significant other borrowed a big amount of money from you and it would take months or even years to repay the full loan amount. Just like with other loans banks and licensed moneylenders in Singapore offers, you can have a written contract also where all the details of the loan are placed such as the interest rate and repayment terms.