Financial advisers don’t always agree, but when it comes to
lending money to family, there’s consensus: Tread carefully.
If an adult child needs help buying a first home or has a
promising business idea, a family loan can be a fast and
convenient option. But there’s a risk of drama down the road.
Here are tips for lending and borrowing money among relatives.
PROS AND CONS OF FAMILY LOANS
There are advantages of a family loan for a borrower: no credit
check, low or no interest and flexible payback terms.
It can also be a way to help young adults learn about financial
responsibility, says Walter Pressey, a retired financial industry
executive in Boston who loaned money to…
Read the full article at: http://uk.businessinsider.com/ap-family-loans-how-to-dodge-the-drama-2017-11