After lending someone money, how do you ask for it back?

Hey, (friend) remember that money I lent you, I’m gonna need that back by (insert date).

For me, easier written than done. I hate asking for money that I lent, I think as a courtesy, the person should just remember to give it back. You didn’t forget to ask me if you could borrow it!

But If you do find yourself lending money to someone I think you should be very clear on when you need it back by and if it’s a significant amount of money, don’t be afraid to ask them to sign a promissory note. Protect yourself. At the end of the day, it’s your money and you deserve to be paid back.

Also, if you have lent money to someone in the past and they didn’t repay you, don’t give them a second chance to burn you. Saying no is always an option.

On occasion, someone will ask to borrow some money and if I have it I have no problem to lend it. But as a rule I won’t lend more than I can afford to lose forever…so don’t ask me for more than five dollars.

What would you do differently and why? Please feel free to share your thoughts and comments below.

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