Do's and Don'ts of Asking Friends for Money

By MATTHEW KASSEL It isn't easy to ask people you know and love for a loan. The process can…

Georgia (May 21, 2012) — It isn't easy to ask people you know and love for a loan. The process can dredge up bad feelings and leave borrower and lender alike unhappy with the results.

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There's no way to ensure things will go smoothly. But an important first step is to treat the lender like a "disinterested third party" and "let emotion go by the wayside," says Joseph Astrachan, executive director of the Cox Family Enterprise Center at Coles College of Business in Georgia.

In other words, don't rely on your history with the lender to seal the deal, and don't play emotional games to get what you want—treat it like a regular business arrangement.

Here are some tips from experts about how to keep things as professional as possible.

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