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How to say no when family or friends ask to borrow money

By Marcie Geffner -

Saying no to a friend or family member who asks for a loan can be stressful and awkward.

Yet sometimes no is the best answer, and the one you should give. The question then is how to say it without damaging your relationship with that person or others who might be involved in the situation.

Here's how:

Listen first. If you say no too quickly, your friend or family member might feel ignored, hurt, discounted or insulted. Before you give your response, hear the person out so you understand the nature of the problem and the person feels respected and cared for.

Read on:

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