How to Ask for Money Politely - Tips & Tricks
11 Min Read
Reviewed by Michael Lefler
Let’s say you’re out of cash. It’s no shame, and we’ve all been through this. So you need money, and you think of options. You can ask for money from a friend or a family member, or you can opt for a guaranteed approval payday loan from a lending company. What is it better to do?
It can be tempting to ask someone for money. But after all, if not family or friends, who can help you when needed? Let us tell you what we think about this matter, along with our advice on how to ask for money politely before going to financial institutions.
Note: Before you borrow money, think very carefully whether you can pay it back on time. To make it easier to repay borrowed money or cope with what might happen if you can’t, consider making a budget in advance.
Pros & Cons of Borrowing from Relatives & Friends
The advantage is that family or true friends do not work with the scoring and give you cash immediately, often without interest. That is much cheaper than a bank.
But be careful! When you borrow from a close person, be aware that if you do not give them loaned money back, this can lead to a friendship break. Moreover, the friend will spread the news that you do not pay your loans, and most people will bypass you.
What Can I Do to Avoid Problems with Repaying Debt?
According to Howard Dvorkin, the CEO of Debt.Com, if you decide to borrow from your family or a friend, make sure you have a financial plan in advance. You need to see how much money you have left after paying your current expenses. Then, assure this amount will be enough to make your loan repayments. Estimate an average of the expenses you make each month and then move on to budgeting. Ensure that you do not borrow too large sums that you can’t afford to repay.
It can be very stressful for you to find out that you can’t pay back on time. But it’s also frustrating for a lender to realize that they don’t get their money when expected. If something unforeseen occurs and you have difficulty paying the debt back, notify the person who gave you the money immediately. It’s proof of honesty, believe us!
Asking for Money As a Borrower
Asking your loved one for a favor may be embarrassing. But sometimes it may be your only option. Luckily, we know how to help you do it without feeling awkward. Here are some tips on asking a person to lend you money in a respectful manner.
Ask for Money in a Text Message
If you don’t like talking to a person face to face, start by writing an honest and simple message. It is one of the simplest and effective ways to ask for money politely as you can think about every word. To make your task easier, we’ve got here some advice to follow while writing the text of the money request. Let’s take them one at a time!
Begin with a Warm Salutation
Like any message you write to family or friends, it should contain a simple greeting before starting requesting money. Politeness and good manners will help you when you want to borrow money. A simple “Hello, dear” or “Good evening, mate!” can lead to a pleasant discussion and satisfactory results later.
Express Your Gratitude
Gratitude is a positive emotion that a person feels towards another person when it has done him a favor or a gift. It shows a moral duty and an appreciation of one’s help.
Gratitude strengthens social ties by connecting individuals through their actions. You can thank the person in advance, even if they haven’t agreed to lend you money yet. It will make the person feel special and overwhelmed.
Tell an Honest Story Why You Need Money
Honesty is the best policy. When you ask someone about a favor, the last thing you should do is lie. There are no secrets that time does not reveal. This way, your lies may result in undermining the trust between you and your loved one. Tell a true story to convince the person that you need the money. Explain your difficult situation in simple words, and don’t overdo it with pity.
Expose Your Future Plans
And again, we recommend that you rely on sincerity. Explain to your interlocutor why you need money, how you will spend it and when you will pay the debt back. You may probably not want to let others in on your plans. But it will be better to assure the person that your aims are worth it.
Describe Your Demand Politely
Politeness is a virtue. It refers to respectful behavior, following good manners towards other people. From a social point of view, politeness belongs to behavior, and from a sociological point of view, it belongs to social norms. That is why you should follow this concept once you decide to ask for money. Never forget that a person does you a favor and is not obliged to agree. Keep calm and don’t forget to use “Thank you” and “Please”.
And Finally, Call to Action…
Usually, a call to action (CTA) is used in marketing to make consumers act, for example, to buy something or apply for a loan. But you can also observe CTAs in daily life. It is a psychological strategy that makes people act as you wish.
Don’t confuse it with manipulation, even if there is a thin boundary between these two concepts. Choose an excellent call to action that will help you get the money as soon as possible. For example: “Please, borrow me $500”, “Help me with this amount!”, or “Give me please $400 till my payday!“. Thus, the interlocutor will know exactly what to do.
Asking for Money: Extra Persuasion Tips
If you tried all these tips and something went wrong, consider additional advice and follow it as accurate as possible:
Rely on Positive Emotions
Emotions are short-lived feelings of varying intensity, expressing various reactions to situations and events in which we take part. Try to express only positive feelings in your money text messages even if your financial situation is unpleasant. Your smile and positive mindset will ensure satisfactory results.
Write a Very Personal Request
First of all, your money text message must be warm, personal, and convey sincere emotions. The text should include all those words you use to put your soul on the tray. Try to expose yourself in front of the reader. Let them see that you’re vulnerable, imperfect, with fears and uncertainties.
Assess Your Repayment Risk
When it comes to spending, we are all different. Of course, it’s your life, so it’s up to you how to manage your finances. But if you can’t organize your expenses and pay back your debts, the consequences can be severe.
In addition to worries and stress, you risk budget slippage, i.e., falling into expensive or even uncontrollable debts. That’s why it’s helpful to assess your repayment risk together with the personal finance expert. If necessary, adjust your budget and make sure you can meet repayment deadlines.
Don’t Make Asking for Money an Obligation
Asking for money is a conversation between two persons who respect and value each other. When you try to force your table neighbor to make something you need, you act like an egoist. The truth is that people are not willing to help those who don’t respect them. That is why you should ask for money very politely and don’t make it an obligation.
If You Don’t Want to Write, Call
Introverts love to communicate through text messages because writing words gives them more time to think. Meanwhile, extroverts are prone to making more phone calls to get what they want. If you are one of them and don’t like money messages, you can call your family member or friend and discuss in a call if you know exactly what and how to tell him.
Have Plan B
When plan A fails, don’t be sad. The English alphabet has 25 more letters. You could use them all if the first plan didn’t work.
If your close friend, sister, or aunt has refused to lend you enough money, rely on quick alternatives. Consider payday loans or turn to cash advances from other individuals through P2P platforms. Direct lenders will provide you cash within 24 hours directly on your bank account. But keep in mind that you should pay the loan back in lump sum within a short term, typically by your next paycheck.
Make a Personal Loan Agreement
Loan agreements are binding contracts between two or more parties to formalize a lending process. There are many loan agreements, but we will speak about the simple loan agreements between individuals.
Loan agreements usually include terms and conditions, the complete amount of loan, payment plan, collateral (if needed), interest rate terms, and the term the loan amount must be repaid. If the repayment date is due, the lender should collect money you owe after the simple reminder was ignored.
The primary purpose of a loan agreement is to define the arrangement of the parties involved, what responsibilities each party has, and how long the contract will last. A loan agreement should follow state regulations, protecting both the lender and the borrower if either party does not comply with the agreement.
The terms of the loan agreement will differ depending on the type of loan. You can find a suitable lending agreement example on the internet, print it in two copies, and give it to your lender.
Asking for Money As a Lender
Even when you’re acting as a lender, asking for your own money back can be very awkward. But keep in mind that you’re inquiring about something that belongs to you, so don’t be afraid. Here are some tips on how to do it politely if a borrower doesn’t pay back on time.
Set Clear Repayment Terms
Try to always set a clear timeline for repayment so a borrower can know for sure when they need to pay you back. Also, agree on the frequency of payments and the amount a borrower needs to repay each month. By specifying these terms in advance, you can avoid confusion or misunderstandings. Additionally, having clear repayment terms can help you enforce your rights if the borrower fails to repay as agreed.
Be Polite, But Stern
Even if a borrower is your family member or close friend, you should not make concessions if you want to get your money back on time. There is nothing wrong with making sure in advance that the borrower can repay the amount you give them. Also, make it clear that you need this money strictly on time.
Give a Gentle Reminder
It’s important to approach the conversation in a non-confrontational manner. Try to accept the fact that the borrower may have simply forgotten about the debt. You could send a friendly message or make a phone call to remind them of the payment deadline.
If a borrower experiences problems, giving a reminder can help you find it out in advance. This way, you can offer to work out a payment plan. This approach can help you maintain a positive relationship with the borrower and ensure that you receive the money you lend.
Lend as Much as You Can Afford to Lose
While it’s natural to want to help a friend or family member in need, it’s important to keep in mind that lending money can come with risks. If the borrower is unable to repay the loan, you may end up losing the money you lent them.
Therefore, it’s crucial to only lend an amount that you can comfortably afford to lose without causing financial hardship for yourself. This will help to minimize the potential negative impact on your own finances and relationships.
Situations to Avoid While Asking for Money
The problem of money always causes inconvenience. It is highly inconvenient to talk about it, but sometimes it’s the only solution. If you are in a specific financial crisis and looking for money, either from friends or relatives, here are things to avoid when asking for it.
Don’t Wake Up the Feeling of Pity
Acting pitiful is not the best idea when you’re asking for money. It can lead to the interlocutor’s denial after some time. You’d better be honest about your situation and further plans. Make arguments instead of making people pity.
Don’t Disappear After Borrowing The Money
It is not polite to disappear after borrowing money from relatives or friends. They need to know that they have helped you in solving your financial problem. You could keep them posted on your progress and let them know how you’re doing. Or even better: have a bilateral discussion and ask them how they are doing.
Don’t Get Upset If You Were Denied
Do not show your interlocutor that you are upset about the refusal. It is not proof of good manners to show your anger in case of refusal while asking for money. Write a message or call and assure a person that you have a backup plan to solve your financial problems. Keep staying in touch with them even after being denied a loan. Plus, ensure that the relationship didn’t break because of the refusal.
Final Thought
Asking someone for money is a little bit challenging. Whether you want to borrow a specific amount or get back the money you lent, it’s crucial to stick to a few simple rules. Remember that being honest, polite, and responsible will help you maintain friendly relations with your loved one.
If borrowing from your family members or friends is not your way, consider a few available alternatives. For example, loan products from direct lenders can help you avoid problems with your loved ones while asking for money to pay for a new PC or other necessity. However, this option also requires you to be responsible. Although a lender won’t quarrel with you or send you claims in text messages, you still need to repay debt on time. Otherwise, you will face penalties.
If you’re looking for a loan, don’t search further. Apply on our website, provide the personal and account details and we will connect with thousands of lenders from your state. We promise, you’ll get an instant approval decision even with a bad credit score, reasonable interest rates and no hard credit checks.
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