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Things to keep in mind when lending money

By admin
18 December 2013

If somebody wants to borrow money from you, there are a couple of things you should keep in mind:

  • If you are not a financial services provider, you cannot charge interest or costs.
  • Only lend money to someone you know and trust, who is capable of understanding what is going on, and who is older than 18 years.
  • Ensure that you have the contact details and address of the person you are lending the money to.
  • Understand that there is a risk that you may not be paid back. Make sure that you are not lending money that you may need for your own expenses, like rent.
  • Lastly, remember that if the person is making promises of a quick payback that you know (or even think) sounds too good to be true, they may not be trustworthy.

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