Basics of borrowing from Buddies
5. Sign an IOU
Another professional approach is to sign a promissory note or an ‘I Owe You’ (IOU), which lays down all the agreed upon terms and conditions of repayment in black and white.
With such a paper dully signed by you, your friend is bound to feel more confident in lending you the desired amount.
The importance of such a document increases in view of the delicate relationship that you share.
6. Pay Back in Time
Do as you promise. Make sure that all the repayments or installments are paid in time. Make sure there is no negligence on your part in abiding by the terms and conditions mentioned in the promissory note.
Keep track of all the due dates and prepare yourself well in advance to meet your dues in time.
With friends, make sure you follow the adage: honesty is the best policy.