Last Updated on October 11, 2022 by Mike Bush
Anything can happen in a second, minute, or even an hour you see yourself going from being extremely rich to looking for how to borrow money from friends. Maybe it’s your first time, and you are extremely confused, or you always borrow but look for new reasons to convince your friends to give you money. I will show you good reasons to borrow money from friends and make sure to get the money.
Health reasons are always one of the best reasons to borrow money from friends because none of your good friends want to see you dead.
But using health as a good reason to borrow money from friends might make it less effective in the long run. So, in this post, I will give you an array of reasons to borrow money from friends, acquaintances, or anyone you believe might give it to you.
Before you go and request money, you should also understand the psychology behind convincing people to give you money.
How to Increase your Chances of Getting a Yes from Friends
When considering reasons to borrow money from friends, you should also be strategic about your approach and other little factors to increase your chances of getting a yes. Let’s have a look at some of these factors.
Ask a Buoyant friend.
It isn’t wise to ask a friend who is out of job money and expects money. You have to target the right friend. When I want to borrow money from friends, I use the following as a criterion.
- Salary earner/Business owner
- Must be a giver
- Doesn’t complain much about his problems.
You can also use the above as a checklist to know the type of friend to ask for money. Should you don’t find a friend with these three qualities, you can streamline to either two or one of the above qualities.
Pick the Right Timing
It’s essential to pick the right timing; otherwise, it would be an excuse. Your reason to borrow money from a friend might be excellent, but if the timing is wrong, then you won’t get a dime.
I recommend asking within the first week of new hope, anticipating that you get it towards the end of the month. That way, they will squeeze you into their budget for the month.
Give a Good Reason
It doesn’t make sense to say, “can you lend me money to buy this expensive wig I saw yesterday on Instagram.” Even a millionaire won’t lend you money for this reason.
Your reason must provoke emotions and even make the friend feel bad if they don’t give you.
Use an Entry Loan Amount
Friends would no longer care how much they love you the moment you request a loan of a million dollars. Well, most people don’t even have that as their net worth.
I suggest you inflate the value a bit because your friend would try to cut it down (which would fall to your initial expectation). But be careful not to overinflate and stand the chance of your friend telling you, “Sorry, I can’t help.”
Drop a Repayment Plan ahead
If you want to increase your chances of getting a yes after you give your reasons to borrow money from friends, tell them how and when you will repay the loan.
Let them know you will pay back and give the exact date. Most importantly, let them know how the money will come. You are borrowing money, or are you going to borrow money from friends to pay back your existing loan? Let friends know how you will get the money to repay the loan you gave.
You can use this sample;
“John, I will be paid unfailing on the 2nd of next month, but I need to clear off this debt by the 27th of this month. I will be so grateful if you help me. You will get your money back unfailing by the 3rd of next month. I appreciate you always coming through for me. Thanks, John”.
8 Best Emergency Reasons to Borrow money from Friends
Before using these excuses, you can also see how to compose messages requesting money from friends
The odds are; your friends will probably offer to help you when you’re hospitalized even if they think you’re financially buoyant; it just shows they care about your well-being. However, if they don’t offer to help or are unaware of the situation of things, you can let them know and ask; they’d certainly give you the money and might tell you not to pay back.
If you need samples to create a perfect message, asking for money from friends for health issues, then click this link to see how to ask for financial help for a sick person
Supporting/Starting A Small Business
According to news reports, the world is going through a major economic meltdown, and small businesses are hit the hardest. If you are in a small business, you understand how hard it is to stay afloat in such an economy; you don’t have any colossal amount saved up somewhere when inflation happens; that’s why you need to ask for help.
This is one of the most tangible reasons to borrow money from friends because that money will undoubtedly bring returns. However, the money doesn’t have to necessarily be used to revive the business when it’s down; you shouldn’t let the situation get to that stage; ask when it’s still trying to survive; it’s easier to get a positive response then.
Losing Your Job
Losing a job is hard on anyone; it can drain you both mentally and physically, you will undoubtedly feel like the world around you is crashing. But, on the other hand, having a job gives financial security and ensures your bills for the nearest future are paid; not having that is a situation that no one wants to deal with.
So, with nagging and emotionless bills to pay, steady dwindling savings, and other expenses, you should call that friend for help. Your friend will certainly understand your predicament and probably offer to help even before asking. But, even when they are yet to provide that help, it’s OK to ask for assistance because they naturally have their problems to deal with.
Extra Fees/Unexpected Tax
There are additional costs while purchasing several items, goods, and commodities. These additional costs are called different things like; service charges, value-added taxes (VAT), and many more.
So if you purchase or rent a house, for example, and the extra or legal fees overshoot your budget by a tad, then it is time to pick up that phone and call your friend.
Although you may have some extra cash left, it may not have been kept for that purpose; if you have a reliable friend who will undoubtedly lend you that extra money, there’s no reason you can’t and shouldn’t ask them.
Apart from the fact that it’s a tangible reason, your friend will undoubtedly understand that it’s a critical need and would be a terrible person to turn you down when they have the money.
The most constant thing about “unexpected” occurrences is that they will always happen. Repairs fall into that category; there’s always a chance that something will go wrong, a car might go bad, your TV may stop working, or your laptop crashes in the middle of a project.
Although repairs are genuine emergencies and good reasons to call for financial assistance, sometimes they can creep up on you when you don’t have any cash or when that paycheck is yet to arrive.
Borrowing from friends or anyone is an uncomfortable situation for anyone (except, of course, you have taken borrowing as a lifestyle) that’s why we created this list in the first place.
However, picking up the phone and telling your friend that your car won’t start for no reason and you’re low on cash may solicit responses like “how much do you need?” if your friend is considerate, so it’s fine in such a scenario.
Travelling is not something people do on a whim; even if you’re Elon Musk, specific financial plans must be put in place before going on any trip. However, particular scenarios require an emergency trip; if you’re job hunting, for example, you can get an unexpected invite to an interview in another city, you’re unemployed, so you’re inadvertently broke.
There are only two reasons your friends would turn you down on such a scenario; the first is if they don’t have the cash to lend you, and the second is that they’re not your friends and don’t want to help you. Apart from emergency interviews, other things can prompt emergency travel, like a family emergency; a loved one might have died or fallen ill.
There’s no way your mind will be at rest in such a situation even if you don’t have the funds to travel; calling a friend for financial assistance in such a situation is a smart move. Unplanned trips don’t include going to the Bahamas or Hawaii to lounge and sip juice from coconut; no friend would lend you money for such a reason.
Moving to a new apartment is not a cheap endeavour; whether you’re moving to a more significant or small apartment, it will leave a dent in your apartment. Individuals who move to a new apartment usually spend more money in a week than they typically spend three months or more (depending on the type of apartment you’re moving to).
Before moving to a new apartment, several people think they can budget well enough for it. Still, it seldom pans out like that, they encounter unexpected bills that they never saw coming, and these bills usually come up after the house has been paid for, and you can’t go back.
So calling your friend and asking for a small loan when moving out is not out of place, and if that friend has moved before, they’ll understand what you have to go through.
Funerals and weddings are like moving to a new apartment; they’re unavoidable and always expensive. It doesn’t matter if you want a small ceremony; as long as you’re not going to Vegas to get hitched or you’re not burying a minor, you will spend more than usual. So asking your friends for help at such critical times is not out of place.