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5 Steps To Asking Your Parents For a Loan

We all know asking your parents for anything let alone a considerable amount of money can be daunting.

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 What if they say no? What if they want me to pay it back with interest? This is why I’ve come up with five fool-proof steps to guarantee success in your mission for money. Stick with me and you’ll be bathing in hundred dollar bills before you know it. Not really. But we wish. Let’s Begin!

NUMBER ONE: Do your research

I don’t know about you, but whenever I’ve wanted something from my parents, I’ve always had better luck in getting what I’ve wanted if I put the effort into finding out information beforehand. It’s essential to know what it is you want, to shop around and find the best prices, be able to answer any questions they may have regarding the loan and most importantly know if they are in the position themselves to be able to help you. I adore making lists, as you can probably already see, so for me gathering information in list formation is a no-brainer.

NUMBER TWO: Hint

You don’t want to spring something as big as a loan for a substantial amount of money on your parents out of nowhere. Parents should get more credit for picking up on hints, whenever you think they aren’t listening, I promise you they are. Say you’re unable to afford next semesters university tuition, casually bring up in conversation how difficult it has been for you to get the money to pay for your education and how hard you’ve been working. Don’t bring it up all the time or it might just work against you.

NUMBER THREE: Get in their good books (and stay there)

This step is usually the easiest. How hard could it be to compliment your parents, right? It’s more difficult than it sounds, you want to be subtle but not too subtle so they think you want something. In this case, actions speak louder than words. Help with cooking dinner, clean around the house, laugh at your dad’s “dad jokes”, make your mum tea after dinner. Small things like this go a long way in their mind! However a small word of advice, one I learnt from my own parents, it takes 100 things to build a reputation and only 1 to ruin it all. So make sure once you’re in their good books, you try your hardest to stay there.

NUMBER FOUR: Ask for a Loan

The most intimidating and scariest part of the whole process. Asking for a loan. Confidence and preparation are key in this step. Making sure you pick the right time to be asking if you can see they are stressed or upset about something else, hold off until you feel they are in the right head space. Sit them down somewhere quietly so there are no distractions. Have your research ready and state your case and hope for the best. Whatever the outcome, your parents will always have your best interest at heart.

NUMBER FIVE: Determine the specifics

Congratulations, you got your loan!! Now you need to determine the specifics with your parents. Do I need to pay them back within a certain amount of time? How much do I pay back and is it per week or per fortnight? Do I need to pay interest? All tedious but important factors when asking or applying for a loan. It’s essential these boundaries are determined before any money is loaned to avoid any future confusion. This is where Credi comes in, the perfect tool to ensure all loans are managed correctly, and the best part.. all loans under $10,000,000 are free!!!

And there you have it, 5 simple steps to loan success. I wish you the best of luck and let me know your own tips and tricks that have worked for you, or check this link out for more!

Written for Credi by Raffaella De Pasquale-Gentelli

Tim K. Dean, Credi Founder | Commentator & Expert on Family Lending, Bank of Mum & Dad and Neo-Credit Scores is available for media interviews and appearances. More…

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& Management

Sign up and become one of the thousands of people and business around the world using Credi to protect them selves with robust loan documentation and management today.