Asking for financial help isn’t always easy; you may feel awkward or uncomfortable or even fear rejection. But did you know you have other options for requesting money? Keep reading to learn about 5 helpful tips on how to ask for money, as well as some other options you can consider when you need some quick cash!
Tips When Asking a Friend or Family Member For Money Politely
Take the stress out of asking for money from friends or family members with these five helpful tips.
- Determine Your Financial Needs Beforehand
Before asking for money, calculate your expenses so you know exactly how much money you need to ask for. If you need to pay a particularly large sum, ask yourself if the person you plan on requesting money from can afford to spare that much from their budget. Also, ask yourself if you will be able to repay your desired loan amount within a reasonable timeframe. If not, you may want to consider some of the other options we’ll talk about below.
- Ask, And Remain Respectful Regardless of the Answer
If you’ve decided to ask a close friend or a family member for a loan, remember to ask politely and know that lending money to someone is a risky endeavor. Remember that if the person you ask says no, try not to take it personally and respect the fact that they may not feel comfortable lending money. If your friend or family member says yes to giving you a loan, make sure to express gratitude!
- Agree on a Financial Plan
Next, ensure you both are on the same page when it comes to a loan amount as well as a repayment schedule. How long will you take to repay your loan? Will you make weekly, bi-weekly, or monthly payments? You may even want to agree upon a final due date where you’ll be expected to have the loan fully repaid. Being open and transparent about these aspects of your loan can help both you and the person lending you money feel more comfortable and secure about the situation.
- Stick to The Financial Plan and Maintain Open Lines of Communication
Then, make sure you stick to that repayment plan! If your current financial situation changes and you’re no longer able to repay your loan, tell your friend or family member right away. To avoid damage to your personal relationship, try to come up with a reasonable solution that works for you both.
- Get It In Writing
While thinking you don’t need a contract or legal agreement between friends and family members is a common notion, it’s most likely in your best interest to have one. Write down the basics of your loan, including the loan amount, repayment schedule, and any other details you deem relevant to the situation. Getting your agreement in writing can serve as a reminder of the repayment plan you two agreed on, and can serve as a legal document should the plan not go as scheduled.
Other Ways To Access Financial Assistance
Asking a friend or family member isn’t the only way to get money when you need it. Check out some alternative ways you can get extra cash below.
Use Your Savings / Emergency Fund
Instead of asking for money from a friend or relative, check if you have enough funds in your savings account to cover your expenses. By essentially borrowing money from yourself, you won’t have to fill out an application, deal with interest rates, or have the pressure of owing money to someone close to you.
Get an Additional Stream of Income
You may also consider getting an additional stream of income to designate towards your expenses. Getting a temporary second job, having a garage sale, or even starting an at-home business can be great ways to earn extra money. According to USA Today, approximately 8.4 million Americans have more than one job.1
Government or Local Services
You may also be able to receive financial assistance through government or local programs. There are federal government services to help people in need with:
- Food assistance
- Housing help
- Help with utility bills
- Benefit finder
- Welfare benefits or Temporary Assistance for Needy Families (TANF)
- Health insurance
- Social security
- State social service agencies
Start a Fundraiser
If you feel your situation warrants it, you can set up a fundraiser to raise money for your expenses. Sites like GoFundMe let people post about their different financial situations and struggles on a platform that allows potential donors to send money. However, keep in mind that these sites may have fees, so you may not be able to cash the total amount of your fundraising goals earned.
Borrow Money
If you have no other resources, you may also opt to take out a loan and borrow money. While this choice will come with costs like interest rate charges and origination fees, it can also be a convenient way to get money quickly. Many loans come with quick applications and same-day funding, which can be a more straightforward process than asking a friend/family member.
Different Ways to Borrow
If you decide borrowing money is the best option for you, you’ll want to review your options first. Below is a quick overview of some common types of loans and lines of credit consumers use when they need money fast:
| Type of Loan | Description | Typical Loan Amounts | Interest Rates | Repayment Terms |
| Personal Loans | Unsecured loans for various personal expenses | $1,000 – $50,000 | 5% – 36% | 1 – 7 years |
| Quick Cash/Payday Loans | Short-term loans intended for immediate cash needs | $50 – $1,000 | 300% – 500% (APR) | Due next payday (usually 2 – 4 weeks) |
| Secured Loans | Loans backed by collateral (e.g., home, car) | Depends on collateral value | 3% – 15% | 1 – 30 years (varies by collateral) |
| Credit Cards | Revolving credit used for purchases or cash advances. | Credit limit dependent | 12% – 25% | Open-ended (minimum monthly payment) |
Personal Loan
A personal loan is a type of loan borrowers can use for just about any expense. Since personal loans can come with varying loan amounts and flexible repayment schedules, they are a popular choice for consumers looking to cover either long-term or short-term financial needs. If you have a better credit score, you may be able to get a personal loan in the form of a bank loan. Or, if you have a less-than-perfect credit history, you may want to seek out lenders who specialize in bad credit loans.
Quick Cash Loan
Quick cash loans, such as payday loans, were designed to provide funding to people who need money to get by until their next paycheck. Typically, borrowers are expected to repay their balance in full about two weeks after their funding date. Borrowers who fail to repay their loan fully within this time frame then usually have to deal with extremely high interest rates that can make paying off their balance increasingly difficult. And so, unless you know you’ll be able to pay off your loan by the time you get your next paycheck, you’ll probably want to stay away from these types of loans.
Secured Loan
Secured loans are loans that require collateral. Loans amounts for secured loans usually depend on the value of the collateral. For example, home equity loans, that use the borrower’s home as collateral, usually come in much higher loan amounts than a car title loan, which uses the borrower’s vehicle title as collateral. Since lenders usually care more about the value, or equity, in the borrower’s collateral, they usually don’t care if the borrower has a lower credit score or even a history of bankruptcy. Because of these flexible approval requirements, bad credit borrowers often turn to secured loans for funding. However, remember that should a borrower miss payments or default on their secured loan, the lender would then have the legal right to repossess whatever property the borrower used as collateral.
Credit Cards
A credit card is a revolving line of credit that allows consumers to have consistent access to a set credit limit every month, without having to reapply. According to Forbes, about 191 million Americans have at least one credit card.2 While credit cards can be a convenient solution to cover recurring expenses, it’s also important to pay off your total balance as often as possible. If you fail to repay your full balance, interest rates can make credit card debt extremely difficult to pay off.
FAQ: Asking For Money
Before requesting financial help, review your personal finance situation comprehensively. This includes assessing your income, existing debts, and monthly expenses to ensure you genuinely need the money and understand your ability to repay it.
To accurately assess your financial situation, create a detailed budget that includes all sources of income and all expenses. Use personal finance tools or apps to track your spending and identify areas where you can cut costs before seeking external help.
While in-person requests are often more personal and can convey sincerity, phone calls can be appropriate if the person you’re asking is not nearby or if face-to-face interactions make you too uncomfortable. Regardless of the method, ensure you communicate clearly and respectfully.
A legally binding loan agreement should include the loan amount, repayment schedule, interest rate (if any), consequences of default, and signatures of both parties. Consulting a legal professional or using a standard loan agreement template can help ensure all necessary details are covered.
Approach the conversation with honesty and transparency. Clearly explain your financial situation, the reason for needing help, and your plan for repayment. Show gratitude regardless of their response and be open to discussing alternative solutions.
Yes, many reputable sources like Business Insider offer articles and advice on personal finances and how to ask for money. These resources can provide additional tips and real-life examples to guide you through the process.
If asking directly makes you uncomfortable, consider writing a letter or email explaining your situation. Another option is to seek financial advice from a personal financial advisor who can suggest other ways to improve your finances without borrowing funds.
Set up automatic payments from your bank account to ensure you don’t miss any payments. Regularly review your budget to ensure you have enough funds allocated for repayment, and adjust your spending habits if necessary.
If your financial situation changes and you can’t meet the agreed repayment terms, contact the lender immediately. Discuss your new circumstances and work together to renegotiate the repayment plan in a way that is manageable for you both.
Yes, seeking advice from financial help platforms or services can provide you with tailored guidance and support. These platforms can offer strategies and resources to help you manage your personal finances more effectively and explore all available options for financial assistance.
A Word From CreditNinja About Asking for Money
Borrowing money from a friend or family member is certainly helpful, but it isn’t an available option for everybody. If you find yourself in a situation where you need money now, look into solutions like using your savings, getting an additional stream of income, or getting a small personal loan with online lenders like CreditNinja.
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