Borrow Money From Friends, But Pay Special Attention To The Promissory Note
Borrow money from friends and relatives only after careful consideration. Having a fantastic money-making idea but bad credit may point you in the direction of family and friends.
Financial risk will always be part and parcel of any loan. Borrowing money from family and friends highlights a double whammy though. Risk and emotional challenges.
A well rounded, thoroughly researched business plan can be very effective though. It can lower the risk involved and at the same time allay any fears of emotional challenges.
These issues should already have been settled by the time you discuss the promissory note. The promissory note will require a mutually well thought out plan before it is signed.
The Promissory Note
The promissory note is your promise to pay back the loan. The repayment of the loan is set out in the schedule outlined in the promissory note. All successful loans have as their foundation this type of note.
Without it not only would financial protection for the lender be in jeopardy, so would the relationship. The following are some of the...
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