Mario Puzo once said that friendship and money are like oil and water. This can sound like an unusual take, and would certainly not be true in all cases, but having ‘lend me’ friends can have disastrous consequences. These may range from never seeing your friend again and burning relationships, or never getting your money back, or worse – both. This works either ways, whether you are the one borrowing or the one lending it.

At some point or the other in your life, you must have encountered a friend or a family member who has lent you or to whom you have lent money. As a rule, it is good to set some boundaries. Lending is not always a bad idea. After all, sometimes it is also a good way to put the money you can spare to use. However, always evaluate options before opening your purse strings or holding out your hand. Remember, replacing money is easier than replacing a worthy relationship with a friend or family member. So if you’re dealing with Lend Me friends, perhaps look at dealing with them in these ways:

#1 Learn Diplomacy

Reacting emotionally or with sentiment while you decline to lend money will only strain your relationships further. If you can gently, yet firmly, explain that you do not lend money as a matter of personal policy, regardless of the person, the conversation can be an easier one to have. While there may be pressure from the other end, explaining that you are not open to changing your principle may be an effective counter to requests for money, without harming the relationship.

#2 Offer Alternate Assistance

You can, to the extent possible, offer to help your friends in non-cash ways. If your friends are running low on cash for groceries, sharing your meals to tide them over could have more impact as a gesture than lending money. If they’re looking to purchase items like smartphones, you could lend them your spare device for a while until they’ve saved enough for a purchase.

#3 Gift, Or Only Lend As Much As You’re Willing To Lose

If you must lend cash, consider giving it away as a gift, with no expectations of repayment. We all wish the best for our friends, and if cash is what they need, we might as well gift it to them. This eliminates the potential for spoilt relationships over small sums of money. In other ways – only lend money that you’re okay with not seeing returned.

#4 Educate Them On Financial Management

This could include helping review their expenses and getting them on a prudent budget. It could also involve suggesting side gigs to earn extra money, or helping them get a raise. Dig deeper into the source of their money crunch and see if there is another way for them to seek assistance.

#5 Direct Them To Instant Loan Apps

With numerous borrowing options available, it’s fairly easy to receive an instant personal loan in today’s times. With portals like EarlySalary, this option comes with unique advantages – borrowers spend it as per their needs, no questions asked, and return it on a flexible repayment schedule. 

With easy applications, quick approvals and disbursals, no collateral, and no relationship at risk, an online personal loan is the best possible way to deal with a cash crunch, and a great recommendation for a Lend Me friend. Here’s a deeper insight into the offerings of a cash loan.

 Rock-Bottom Interest Rates

Interest rates charged on an instant cash loan are fairly competitive. Portals such as EarlySalary offer personal loans at nominal rates. Considering inflation and time value of money, personal loans are the most ideal way to borrow money for less time.  

Minimal Paperwork

App-based cash advances have fewer eligibility requirements as compared to traditional sources. You simply need to upload your identity proof, income proof and address proof. This not only saves you time but also makes this loan much more handy. With EarlySalary, the loan application process barely takes a few minutes. The Loan approval process is backed by algorithms that check the veracity of the borrower and their repayment capacity. This helps in approving loans within 8 to 24 hours of your application on the app. 

Collateral-Free Loan

Personal loans do not need any guarantor or security. This protects the borrower  from the risk of losing their assets in case of nonpayment.

Flexible Repayment options

Personal loans from EarlySalary can be repaid in sets of 3 to 6 easy installments. Borrowers have the freedom to choose the duration of their quick personal loans. They may even repay the entire amount in one go without any extra charges. 
Instant cash loans are an easy credit instrument to access immediate funding. With seamless processing and instant disbursal of the loan amount, personal loans provide liquidity when it’s needed the most. Whether it is a last minute travel plans, shopping list or a medical emergency, an instant loan is a great fit for all your Lend Me friends. Encourage them to get started with EarlySalary here.

Leave a comment

Your email address will not be published. Required fields are marked *