When I was about to start my general store business. Then I was thinking to borrow some money from my relative, but finally I decided to start it by my own, because borrowed money will cause long-term problems.
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Is it advisable to borrow money from family members to start a business?
- Thread starter klassicdoll
- Start date
Absolutely, it causes problems in the relationship if you can't return the borrowed money on time. I have seen lots of friendships broken because of money alone. That's why I don't borrow or lend money to friends or relatives most of the time; it depends on the situation.
While it is better to borrow from family members to start a business. Try to have the terms on paper to have evidence for records sake
Yes, sometimes being a family member we don't make a paper but that's not good. We should always make a document for it so as to make things clear.
My dad gave me money for my business which I was supposed to pay back. I never did and the old man doesn't even bother about the money. I can only borrow money from family.
This is the one reason sometimes family hesitate to give out their monies because they know they might not get it back.
But if I give money for business startup to a family member, I don't expect to be paid back. That's what family is for.