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Ask your friend to sign an IOU. Put the repayment plan in writing. Use apps to make repayment simple. Assess your friend before lending money. Avoid lending to friends you don't want to lose.

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Many people do this prior to lending money to ensure they are protected later, if the friend refuses to repay. This is a great way to start the lending relationship off on the right foot because the terms of the agreement are clear from the very beginning. An IOU can easily be changed down the line, if your friend needs a little extra time for repayment. Starting with an IOU also makes it easier for you to take legal action later, if this step is necessary. Check out  How to Write an IOU for more information. If you haven't asked your friend to sign an IOU prior to lending the money, you should still ask them to agree to a plan once they're able to start paying you back.  Put this plan in writing and have it notarized. This makes it more legally binding, if you need to go to court later, and it will likely encourage your friend take the repayment more seriously. There are numerous apps available that make paying friends back any amount of money, from $50 for dinner to $50,000 for a small business loan, quick and easy. Use apps like Splitzee, Venmo, Square Cash, Splitwise, Pay Pal, or Google Wallet to simplify asking for and receiving money.  Splitzee, Splitwise, and Square Cash are your best options, when the money lending situation is for a shared expense. For instance, if you pay the monthly bills in your apartment and have roommates who pay you back.  Venmo, Pay Pal, and Google Wallet are better for large amounts of money. These applications allow you to send bills and reminders to your friend, and most of them have no fees, if you're simply transferring money from bank to bank. Ask questions about why they haven't gone through more traditional channels (banks, credit cards, etc.) for financing. Try to find out whether their current hardship truly is temporary or if understanding finances are something the friend struggles with regularly. You may not want to lend money to a friend, if they are very unlikely to repay the loan.   Start by asking something as simple as, "Why are you asking me for a loan?" It may be uncomfortable, but ask you friend, "Do you have a large amount of outstanding debt?" Before you lend them money, it's fair to expect them to be honest about their financial situation. Ask if they can agree to a repayment timeline before lending, "I understand you're struggling financially now, but when do you think you'll be back on your feet?" Perhaps most importantly, ask you friend what they're doing to get out of debt. Say something like, "What are you doing right now to change your financial situation? Can you get a second job or take on more hours at work?" Despite your best efforts, you may still lose your friend, your money, or both if you lend to a friend. Before you get financially involved with your friend, make sure you're willing to lose them or the amount of money you've loaned them.