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And while your loved one may have every intention of paying you back, be sure you can afford to part with the money if things go south, says Eric Gabor, a certified financial planner with Eagle Grove Advisors in New Jersey.Family loans may also come with tax considerations, whether the lender charges interest or not.There are advantages of a family loan for a borrower: no credit check, low or no interest and flexible payback terms.It can also be a way to help young adults learn about financial responsibility, says Walter Pressey, a retired financial industry executive in Boston who loaned money to two of his four adult children with Loan Kin, a loan servicing website.First, he offered to lend her money to pay off the debt and pay him back at a lower rate.Second, he taught her how to use a credit card properly going forward, by paying off each month’s balance in full, not just making the minimum payment.
Personal loans from credit unions and online lenders typically have more flexible qualification requirements than a bank loan.
If you are lending the money, try to set your emotions aside and look at the reason for the loan.
Has your family member been rejected by banks and other lenders? Will your loan help promote good financial decisions?
But loans can be uncomfortable for both the giver and receiver.
If you’re the family ATM, you may have trouble saying “no” and thus jeopardize your own finances.
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