How to Ask Your Friends for Money
                     H O W T O A S K Y O U R 
F R I E N D SF O R M O N E 
Y
B Y L E V E L F I N A N C  I N 
G

Asking friends or relatives for money may not involve the 
formal steps required when you take out a personal loan or 
apply for a credit card, but it comes with its own set of 
obstacles and complications.
For starters, we don’t want our friends to perceive us as 
needy and broke. We fear that asking them for financial 
help could negatively affect the opinion that they have of 
us. It may also feel awkward to do something we are 
never done before, and we fear that our friends may lose 
their trust in us, which could damage a precious personal 
relationship.
Respect is a crucial prerequisite when starting a conversation 
on borrowing money with your friends. You should never 
assume your friend is supposed to do you a favor. Coming 
across with an entitled attitude will not only hurt your 
chances of your friend agreeing to lend you money, but it 
may also create unnecessary tensions and damage the 
relationship.
Start the conversation by mentioning how much you 
appreciate being their friend, which is why you feel 
comfortable enough to ask them for help. Tell them right 
away that you would understand if they are currently not in a 
position to lend you money.
You should consider asking your friends for money only when 
you are in real need of financial assistance. Imagine the 
following scenario. Your car got broken, and you don’t have 
enough money to cover the repair costs. On top of that, you 
live far from your workplace, and there’s no way you can get 
there with public transportation.
Or think of a scenario in which you need money to cover 
important medical bills. If your friends understand that you are 
truly in a tough financial situation and would face serious 
difficulties without a loan, they will be much more willing to 
lend you the money.
Asking for money from your friend should really be the 
last resort. If you have already tried without success to 
take out a loan or ask for money from your relatives, 
you should ensure your friends know that.
This will tell them you’re not trying to take advantage of 
your friendships and have already exhausted all 
available options, which will increase the chances they 
will empathize with your situation and agree to lend you 
money, or at least part of it.
It’s important to clarify from the start that you are not asking 
your friend for a handout. Even if your friend offers you the 
money as a gift, it’s still a good idea to refuse and tell them 
that you prefer repaying the money in the future. This will 
show them that you take the situation seriously, and it will 
reduce any future misunderstandings.
Alternatively, you could offer your friend something else in 
return, like doing some work for them or helping them out with 
some activity that could be completed faster by two people 
rather than one. This option is typically the best one when 
you’re uncertain about your ability to pay back the loan quickly.
Even though your friends are not a bank and paying 
them back is not a legal obligation, taking your 
repayment terms and duties seriously will show your 
friends they can trust you and even reinforce your 
current bond.
Make repaying your friend one of your budgeting goals, 
and set aside a small sum each month. You can set a 
gradual repayment schedule or give your friend the 
money back in one payment.
Your friends may not always come up with an answer right 
away. They may have several reasons for asking you to wait 
until they give you their final answer. They may be going 
through uncertain economic times themselves, or they may be 
saving for a goal, and lending you money would considerably 
slow them down.
Don’t show disappointment if your friend asks you to wait. As a 
matter of fact, you should tell them you are grateful for 
considering your request and that you understand why they 
need some time to think about it. Avoid putting any pressure on 
your friends. Giving them enough time to consider your request 
will actually increase the chances of a positive outcome.
As we already mentioned, your friends don’t have any moral 
obligation to give you financial support, and a rejection is 
not something you can rule out.
They may simply not have any extra money, or they may be 
saving for their own financial goals. Lending money may 
simply not be feasible for them at the moment.
It’s crucial not to react negatively when this happens. Replying 
with a disappointed, angry, or emotional tone may create 
tension and harm your relationship. They may think that you only 
value a friendship with them because you planned to get 
something in return.
Show that you perfectly understand and that they 
don’t have to worry about it. Maybe ask them for 
financial advice on how to solve your current issues. 
They may actually provide you with some great ideas 
and help you make better financial decisions.
Moreover, you probably have more than one friend or 
family member you can ask, and you may have to try 
with 3 or 4 of them before getting a positive response.
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