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Habits of a Good Borrower

There will come a time when you need to borrow something from other people. You go to the library to borrow books. Your sister could lend you that boots. Or a colleague could let you borrow a couple of dollars for your emergency home repair. It’s a give and take process: you return what you borrow.

However, borrowing and lending is often exercised through good faith. People lend you things and money because they trust that you will return what you owe. To keep relations healthy, it is best to exercise the habits of a good borrower, especially in borrowing money.

Express the Purpose, if Needed

Not all people will ask what the money will be used for, but some like to know how you intend to use it. This will give them an idea that they are lending you money for good reasons. Of course, if you borrow from a lending firm like a cash loans company, you do not have to explicitly state the reason. The bottom line, is just be truthful to yourself and to your lender about the purpose of the loan.

Pay On or Before the Due Date

It is not a good practice to keep your lender waiting for the payment as he/she may also need that money immediately. Your lender is counting on your promise, so don’t fail him. If you keep on delaying the payment, the lender might become hesitant to lend you next time. Many relationships have been stressed because of delinquent loan payments, so make sure yours does not end up this way.

Give Your Lender a Forward Notice if You Can’t Give the Payment on Time

Do you feel like you can’t give the payment on time? Tell this to your lender immediately. As already stated, the lender could be expecting your payment because he will need the money for something else, so if you delay your payment, he might also delay his. Set up another due date and do everything that you can to be able to pay your lender this time around.

Set up a Collateral

Some cash loan companies may or may require you collateral. Your friend or relative may also feel secure lending you money if you give them something of value to hold until you are able to pay off. Collateral is a good way to establish trust and security to your lender, so if this is required and this is something that you can afford to provide, then do.

Return the Deed

Life is full of surprises, one moment you are down, the next you are up. If the lender comes to you to borrow and you know that his loan did help you at one point in your life get over a rough patch, then it’s time to return the deed. The money you lend could go a far way, just like the money you borrowed some time ago.

Lenders, whether it’s someone you personally know or a lending company offering you cash loans, are there to help you. They were able to provide you money even if you had bad credit history, so it only makes sense to honor the agreement and be respectful with the terms of your contract.