How To Borrow Money from People When the Chips Are Down

It’s terribly helpless to be broke. You are desperate to catch any port in the storm. Notwithstanding that it feels helpless and sounds miserable, the fact is that some of America’s richest men, including Henry Ford, have been down this road. What pulled them out of bankruptcy and penury to make them so rich? For a start, they had to borrow money from people to start over. They were smart enough to convince people to lend them so much investment that they shot into the stratosphere once their business succeeded. Actually, convincing people to help you out of it is not as hard as it appears to be. Everybody’s got his soft spots; you just need to hit them right! Here are a few tips:

Have A Catch

Now, this is a reality: people don’t usually help others unless they see some benefit in it. But what’s wrong in this? After all, you are also looking for your benefit at their expense. Yes, this is how you should see the picture if you really want to get something out of them. You need to convince them that helping you now is in their own benefit. How do you go about that? Try to see through the other person’s heart. What does he need? What’s his ambition? What does he want for himself in the long-run? Some people want to build connections; others are always searching to make an investment. Think of what you can offer. Are you borrowing money from people because you need to pay your Ivy League fees? Does this person like to brag about his connections? How would he like if he has an Ivy League ‘bestie’? Can you share something with him that he really wants? ;)

Build Confidence

This is extremely important whenever you set out to borrow money from people. You have to build their confidence in two things: your sincerity; your ability. Without this, you will never be able to borrow a penny from them. Convince them that you are a person of integrity who is held back only by lack of finances. As soon as they believe this they shall be more than willing to help you out. Just never let them suspect your intentions.

Don’t Ask for All the tea in China

No matter how badly you want it, never ask for a king’s ransom from somebody. If you really need it badly, try to borrow it from more than one person. Split the amount into smaller sums. If you do it, there is no reason that you’d fail to borrow money from people to meet all your needs. Many of us are willing to pay, only if the right guy comes forward. ;)

Read more about:

Money economy

The money economy is a form of economy in which transactions are done with money. Alternatives are possible, e.g. bartering, but money is the dominant factor for transactions between people. The money economy is a product of human society.

Money is impersonal and reduces qualitative values to a quantity (source)

Emergency loans with no job

How to get a loan without income, emergency loans with no job or unemployment loans with no job verification? To borrow money without proof of income can be done. An unsecured income loan might not be the smartest thing to do if you have no proof of income, but if you really need the money now getting loans without income may be the only way out of a tricky situation.

What is The Cheapest Way to Borrow Money Short Term?

There are many reasons why you might need to take a loan. You might borrow money when it’s profitable i.e. you earn more with the borrowed funds than what you pay as interest. Also, you might borrow money because you do not have any other option. Borrowing money is not an easy process as you can end up using up all your money on high bank charges and interest rates. The following are some effective ways to borrow money: