Are There Strings Attached?
No matter how much your lenders love and respect you, some may feel that they have a right to tell you how to spend your money (or even your life) after they give you a loan. “Typically, a loan strains a personal relationship,” says Kevin Zulch, an accountant with a practice in Red Hook, NY. In fact, he advises his own clients to try other avenues before turning to friends and family.
Prepare to prove Shakespeare wrong: It’s possible for a loan to keep both itself and friend.