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How much should I charge my friend for giving her a personal loan of ten thousand dollars?
Wiki User
∙ 14y ago
The best way to ruin a friendship is to loan them money. But if you intend to do this anyway, no matter how much you trust the friend, have papers drawn up and notarized as to the terms of the loan agreement. Otherwise, when (not "if", but when) the friend does not pay it back, you will have some legal recourse to get your money back. You don't even have to have an attorney draw up the papers, you can write the terms yourself, and both of you sign and date them, preferably in front of a notary public, so they can be notarized. Now, as to your question, the interest could be what the current rates at the banks are now, or you can give her a lower interest rate. If you have the money in a bank now, drawing interest, then you will lose that interest, which means a loss to you if you don't charge her the same amount of interest the bank is now paying you. Or you can charge a one-time fee that you both agree on. But which ever way you decide to go, have it written, signed and dated. You keep the original and give her a copy. If she gets offended that you want to do it this way, tell her it is for her protection, too. Which, of course, is the truth.
Wiki User
∙ 14y ago
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