The Enlightened Borrower’s Loan Agreement Series: Episode 3 – How To Structure A Loan To Protect And Enhance Your Relationship

08/06/12 3:33 PM

Episode 3: How To Structure A Loan To Protect And Enhance Your Relationship



A successful loan can strengthen the bond between the lender and borrower simply because the experience builds trust and appreciation for one another. Here are simple guidelines to make sure the results of your experience are pleasant and constructive.

Timely Payments:

  • Take this loan seriously and execute the loan agreement with timely payments.
  • If anything prevents an on-time payment, immediately inform your lender.
  • Set an alarm in your phone, pencil it in your planner, and maybe even have a close friend help remind you (If you decide to use LendingKarma, you will have the advantage of  receiving friendly email reminders).
  • Keep track of your repayment history. (LendingKarma has a versatile payment tracker that can adjust to expedited payments, underpayments, or late payments. LendingKarma’s payment tracker will help keep things on track with a high level of transparency for both parties).

Communication:

  • If a complication arises, be sure to immediately communicate the details of the situation to the lender. Do not wait for the lender to find out on his/her own.
  • Make sure you are not flooding the lender with emails and phone calls, especially if you know that he or she is a busy individual.

Post Loan Communication:

  • When the loan is repaid, be sure to send a follow-up message to the lender about  the overall experience. If anything went wrong, address what you could have done better. If everything went as planned, make sure the lender knows you are appreciative.

Our users tell us that one of the main reasons they use LendingKarma is for the exact reason of preserving/enhancing the relationship between their lender or borrower. LendingKarma knows drawing up and executing a loan agreement can be a burden on a relationship. You can think of LendingKarma as the knowledgeable mutual friend of the lender and borrower that helps keeps track of all the details, so the loan runs smoothly for both parties.

Thanks for being a responsible borrower. Pat yourself on the back for taking the initiative to expand your knowledge about loans. We, here at LendingKarma, hope you feel more “enlightened” and confident in all your future loan endeavors.

Best of luck!

“Real knowledge is to know the extent of one’s ignorance.”- Confucius

 

 

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