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OMG, you did NOT just do that! Well, here's how to deal with it.
You Will Need
- Listening skills
- Time to assist in other ways
- Third-party lenders (optional)
- Charities (optional)
- Government assistance program (optional)
Listen to your loved one when they make their request. Show that you are concerned about them by asking for more details regarding their situation.
Explain in as much or as little detail as you are comfortable with that you are unable to make a loan at this time, but you’d like to assist them in other ways.
Help with research
Help them research alternative means of meeting their needs. Potential resources to check are third-party lenders, charities, and government assistance programs.
Give your loved one non-monetary assistance that still helps to relieve their burden. For example, you might lend them a suit for a job interview or watch their kids so they don’t need to hire a babysitter.
Check in with them periodically to see how they are doing. It helps to show that, although you could not give the money they needed, you are still there for them.
Make it a gift
If you ultimately decide to lend your loved one money, consider making it a gift. This removes future complications in your relationship over payback.