Before you borrow

What should I consider before borrowing money?

Check the reason, the amount, the repayment plan and the relationship before you ask anyone for money.

5 min readPractical guideUpdated 2026-06-15

The short answer

Be clear about why you need the money, how much you really need, and exactly how and when you will repay it.

The short answer

Be clear about why you need the money, how much you really need, and exactly how and when you will repay it.

1The reason: is this a one-off need, or a gap that will come back next month?
2The amount: what is the smallest amount that actually solves the problem?
3The plan: what can you repay each month without missing something else?
4The relationship: could you still speak to this person if a repayment were late?

Common mistake

Asking for a round number rather than the number you need. It makes the request harder to say yes to and harder to repay.

Work out your repayment first

A realistic monthly figure makes the conversation much easier.

Key takeaway

If you cannot describe the repayment plan, you are not ready to ask.

Next: Work out what you can afford to repay each month.

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