Lakeshore Auto Collateral Loans – A Good Suggestion To A Friend In Need

Borrowing money has become the trend these days. Because of the economic crisis currently affecting the majority, many are left without any other choice but to borrow cash through Lakeshore auto collateral loans, loans from credit institutions and banks, or even from friends and relatives. When it comes to the latter, it pays to give close attention to the consequences. This is because there is a great possibility of it ruining your relationships.

So before you agree to a friend who asks you: “Can I borrow cash?”, make explicit your expectations and conditions to them so as not to end up in a worst scenario of losing money and loved ones. Keep in mind to only lend cash to someone you who will certainly pay you back.

Know Your Future Financial Needs

Before agreeing to lend money to a friend, have a closer look at your budget if there is enough left for you in the succeeding months. Only lend the amount which would exceed your anticipated finances. Never lend more than what you can afford. You would not want to end up being in the same situation as your friend who needed cash, don’t you?

Put It In Writing

Even though you personally know the person you are lending money to, it is safe to put all terms and conditions you agreed upon in anticipation of future problems and litigations. While this might seem like a bold move, it is solely designed to safeguard you and your relationship with your friend. Include in the agreement the amount borrowed, the interest rates, the due dates and penalties for late payments as the case may be.

Don’t Act As An Authoritative Lender

Once you’ve given a loan to your friend, don’t dictate how he or she should spend the same. Never expect to be treated like a king or queen just because you lent your cash. Know your place: when it is time to demand payment, do it; when it is time to give emotional support, give it. Never do anything that can potentially damage your relationship.

If You Have Nothing To Lend, Give Them Options

Don’t act as a hero by saving your friend from his or her financial downfall especially if you don’t have the means. That would only lead you into a debt trap in the long run. Instead, suggest to your friend possible options she can take to remedy his or her financial mishap. For instance, you can tell him or her to try out Lakeshore auto collateral loans. These loans are tailor-made to those having bad credit statuses and poor employment histories. As long as your friend can give the title of a personal vehicle as collateral, an auto collateral loan can be approved in less than a day. Aside from Lakeshore auto collateral loans, you can also suggest bank loans, pawn shops, and other lending institutions.