Today, I will show you how to borrow money from a friend. I will also share a sample letter for borrowing money from a friend in 2024.
There comes a time in life when we all need some extra cash. This period can be incredibly stressful if you are not financially stable or have little credit history to borrow money.
However, there is no longer a need to worry, as by preparing a sample letter to borrow money from your friend, you will gather enough arguments and evidence to convince your friend to give you the money you need.
How do I write a letter to borrow money from a friend?
To make things easier for you to prepare your letter, below is a general outline of all the information that you should include in it:
- The reason you are requesting money;
- Your current financial situation;
- Why your friend should trust you to return the borrowed funds (assurances);
- A date on which your friend should expect to receive the money-back;
- A request for a specific amount or a sign of how much you want to borrow.
So, let’s get to the sample message asking for financial help.
Sample letter to borrow money from a friend
To borrow $1500 from my friend, John, here is what I am going to write in my letter about borrowing money:
My Dear John,
I’m writing this letter because I need to ask a huge favor from you. As you know, I have been struggling financially for the last few months, so I could not return your money from our dinner together.
Sadly, my financial situation has not improved since then, so I urgently need extra cash to get through this month. Because you are my friend, I know you will not mind helping me out of my current plight, even though we have not talked in a while, and that is why I am asking you for a loan.
I promise to pay back the money by Friday, March 27th, because I do not want to keep it from you any longer than that. You will think less of me if I don’t return it by then.
I would appreciate it if you could help me this time because my family and I are in deep financial trouble. All I need is $ 1,500 to get back on track again.
Thank you very much for your consideration, and I look forward to hearing from you as soon as possible.
That’s my sample letter asking for financial assistance from a friend.
What to expect after sending the letter
After you send the letter to borrow money from your friend, expect:
- Your friend will give you a positive reply, which means they have agreed to lend you the money. Because your situation is genuine and urgent, most likely, your friend will not refuse;
- If there is no reply from your friend even after a week, then they might be busy and will probably reply to your letter in a few days;
- Do not take it personally if you get a negative reply and your friend refuses to lend you the money. Remember that it is their choice to either help you or not, but try to avoid asking them again for money in the future.