{"id":12727,"date":"2024-03-11T08:33:40","date_gmt":"2024-03-11T08:33:40","guid":{"rendered":"https:\/\/mtctheme.medicaltourismco.com\/loans-family-friends-weight-loss-surgery\/"},"modified":"2024-06-13T05:57:18","modified_gmt":"2024-06-13T05:57:18","slug":"loans-family-friends-weight-loss-surgery","status":"publish","type":"post","link":"https:\/\/mtctheme.medicaltourismco.com\/loans-family-friends-weight-loss-surgery\/","title":{"rendered":"Bariatric and Dental Surgery Loans from Friends and Family"},"content":{"rendered":"<p><!-- META DATA --><br \/>\n\tmtctheme_content = &#8220;Any surgery is an expensive affair and arranging finances for the same can be difficult.u00a0 Loans from family and friends are a convenient option for those in dire need of <a href=\"https:\/\/mtctheme.medicaltourismco.com\/dental-procedures\/\" target=\"_blank\" rel=\"noopener\">dental<\/a> and <a href=\"https:\/\/mtctheme.medicaltourismco.com\/bariatric-procedure\/\" target=\"_blank\" rel=\"noopener\">bariatric surgery<\/a>.rnrn<div id=\"e9aT\" class=\"content-area content-area--box\"><p>rnFederal Reserve Board states, &#8220;Loans from family and friends add up to $89-million per year in the United States&#8221;.<span class=\"tippy\" data-tippy-content=\"\n    \n\n<div class='tippy-tip'>\n<p class='tippy-name'>Debt.org<\/p>\n<p><strong>Loan Agreements With Family And Friends<\/strong><\/p>\n<p><em>''<\/em><\/p>\n<p>    <a target='_blank' class='tippy-url' href=https:\/\/www.debt.org\/credit\/loans\/friends-family\/>View in Article<\/a>\n    <\/div>\n<p>    \"><sup>[1]<\/sup><\/span>rnrn<\/p>\n<\/div>rnrn\n    <h2 id=\"\" class=\"section-heading\">Top Reasons for Requesting Informal Loans<\/h2>\n    rn<\/p>\n<ul class=\"square-li-color-style\">rn t<\/p>\n<li>Poor credit score.<\/li>\n<p>rn t<\/p>\n<li>No\/ limited Insurance.<\/li>\n<p>rn t<\/p>\n<li>Loans denied from the bank.<\/li>\n<p>rn t<\/p>\n<li><a href=\"https:\/\/mtctheme.medicaltourismco.com\/bariatric-procedure\/\" target=\"_blank\" rel=\"noopener\">Medical<\/a>\/<a href=\"https:\/\/mtctheme.medicaltourismco.com\/dental-procedures\/\" target=\"_blank\" rel=\"noopener\">dental tourism<\/a> surgery abroad.<\/li>\n<p>rn<\/ul>\n<p>rn\n    <h2 id=\"steps\" class=\"section-heading\">Steps for Requesting Loans From Friends &amp; Family<\/h2>\n    rn<\/p>\n<ul class=\"square-li-color-style\">rn t<\/p>\n<li>Present your case: Why do you need a loan? How are you going to use the money?<\/li>\n<p>rn t<\/p>\n<li>Decide repayment terms: Either monthly installments or a lump sum?<\/li>\n<p>rn t<\/p>\n<li>Set up a recurring transfer for payments.<\/li>\n<p>rn t<\/p>\n<li>Agree on the lenderu2019s course of action if there is non-payment.<\/li>\n<p>rn<\/ul>\n<p>rn\n    <h2 id=\"loan_agreement\" class=\"section-heading\">Loan Agreement Between Friends &amp; Family<\/h2>\n    rnrnThe loan agreement with family or friends can be formal or informal. It should cover:rn<\/p>\n<ul class=\"square-li-color-style\">rn t<\/p>\n<li>Borrowed principal amount.<\/li>\n<p>rn t<\/p>\n<li>Interest rate (if any).<\/li>\n<p>rn t<\/p>\n<li>Repayment time and method.<\/li>\n<p>rn<\/ul>\n<p>rn<div id=\"arSZ\" class=\"content-area content-area--box\"><p>rnrnOnline services such as Prosper Inc. &amp; Virgin Money offer to make arrangements for Loans between friends and family.<span class=\"tippy\" data-tippy-content=\"\n    \n\n<div class='tippy-tip'>\n<p class='tippy-name'>The Wall Street Journal<\/p>\n<p><strong>How to Borrow from Family and Friends<\/strong><\/p>\n<p><em>''<\/em><\/p>\n<p>    <a target='_blank' class='tippy-url' href=https:\/\/www.wsj.com\/articles\/BL-HOWTOSBB-22>View in Article<\/a>\n    <\/div>\n<p>    \"><sup>[2]<\/sup><\/span>rnrn<\/p>\n<\/div>rnrn<div class=\"cta cta--post\"><h2>Questions about medical loans?<\/h2><h3>Reach out to us for any queries<\/h3><a href=\"\/request-quote\" class=\"cta_button btn\">Contact us<\/a><\/div>rnrn\n    <h2 id=\"pros_and_cons\" class=\"section-heading\">Pros and Cons of Loans of Love<\/h2>\n    rn<\/p>\n<table class=\"mtc-table-with-border\">rn<\/p>\n<tbody>rn<\/p>\n<tr>rn<\/p>\n<th>Pros<\/th>\n<p>rn<\/p>\n<th>Cons<\/th>\n<p>rn<\/tr>\n<p>rn<\/p>\n<tr>rn<\/p>\n<td width=\"312\">No forms to be filled<\/td>\n<p>rn<\/p>\n<td width=\"312\">Lack of clarity<\/td>\n<p>rn<\/tr>\n<p>rn<\/p>\n<tr>rn<\/p>\n<td width=\"312\">Low or no interest<\/td>\n<p>rn<\/p>\n<td width=\"312\">Payment default damages relations<\/td>\n<p>rn<\/tr>\n<p>rn<\/p>\n<tr>rn<\/p>\n<td width=\"312\">Flexible repayment<\/td>\n<p>rn<\/p>\n<td width=\"312\">Social Awkwardness<\/td>\n<p>rn<\/tr>\n<p>rn<\/tbody>\n<p>rn<\/table>\n<p>rn<div id=\"9CCS\" class=\"content-area content-area--box\"><p>rnrnIndividuals take informal loans from other sources, such as moneylenders, because borrowing from a stranger is business-like.<span class=\"tippy\" data-tippy-content=\"\n    \n\n<div class='tippy-tip'>\n<p class='tippy-name'>Stanford University<\/p>\n<p><strong>Financing from Family and Friends<\/strong><\/p>\n<p><em>''<\/em><\/p>\n<p>    <a target='_blank' class='tippy-url' href=https:\/\/web.stanford.edu\/~perssonp\/FFF.pdf>View in Article<\/a>\n    <\/div>\n<p>    \"><sup>[3]<\/sup><\/span>rnrn<\/p>\n<\/div>rnrn\n    <h2 id=\"legal_standing\" class=\"section-heading\">Legal Standing of the Loan Agreement<\/h2>\n    rn<\/p>\n<ul class=\"square-li-color-style\">rn t<\/p>\n<li>Like any loan contract, youu2019re legally on the hook for the debt.<\/li>\n<p>rn t<\/p>\n<li>Borrowing money is considered a type of verbal agreement.<\/li>\n<p>rn t<\/p>\n<li>It has the same legal standing as many other types of debts.<\/li>\n<p>rn t<\/p>\n<li>With the contract as proof, the lending party can sue in small claims court, get a judgment and then pursue collection activities on the loan.<span class=\"tippy\" data-tippy-content=\"\n    <div class='tippy-tip'>\n    <p class='tippy-name'>National Debt Helpline<\/p>\n    <p><strong>BORROW FROM FRIENDS AND FAMILY<\/strong><\/p>\n    <p><em>''<\/em><\/p>\n    <a target='_blank' class='tippy-url' href=https:\/\/ndh.org.au\/Debt-solutions\/Borrow-from-friends-and-family\/>View in Article<\/a>\n    <\/div>\n    \"><sup>[4]<\/sup><\/span><\/li>\n<p>rn<\/ul>\n<p>rn\n    <h2 id=\"quick_tips\" class=\"section-heading\">Quick Tips: How To Approach for a Loan<\/h2>\n    rn<\/p>\n<ul class=\"square-li-color-style\">rn t<\/p>\n<li>Be crystal clear about your ownu00a0expectationsu00a0- specify how long you need the money for.<\/li>\n<p>rn t<\/p>\n<li>Be specific about the loan amount.<\/li>\n<p>rn t<\/p>\n<li>Detail theu00a0repaymentu00a0level you can afford.<\/li>\n<p>rn t<\/p>\n<li>Draw up au00a0formal written agreement.<\/li>\n<p>rn t<\/p>\n<li>Plan a realistic repayment schedule.<\/li>\n<p>rn t<\/p>\n<li>If you find yourself struggling to make repayments, be upfront and ask if you can pay smaller amounts or temporarily stop paying until you&#8217;re in a better financial situation.<\/li>\n<p>rn<\/ul>\n<p>rnAccording to<em> Mark Beyer, a financial advisor with Edward Jones:<\/em> u201cDocument everything. As each payment is made, send a confirmation note. It may seem a bit formal, but you will be thankful when a dispute arises over how many payments have been made to date.u2019u2019<span class=\"tippy\" data-tippy-content=\"\n    <div class='tippy-tip'>\n    <p class='tippy-name'>InCharge Debt Solutions<\/p>\n    <p><strong>Borrowing Money from Family &amp; Friends<\/strong><\/p>\n    <p><em>''<\/em><\/p>\n    <a target='_blank' class='tippy-url' href=https:\/\/www.incharge.org\/debt-relief\/debt-consolidation\/how-to-borrow-money-from-family-friends\/>View in Article<\/a>\n    <\/div>\n    \"><sup>[5]<\/sup><\/span>rnrn\n    <h2 id=\"focus\" class=\"section-heading\">Focus on Three Key Areas To Protect the Lender &amp; the Borrower<\/h2>\n    rn<\/p>\n<ul class=\"square-li-color-style\">rn t<\/p>\n<li>Protecting your relationships.<\/li>\n<p>rn t<\/p>\n<li>Protecting the lender financially.<\/li>\n<p>rn t<\/p>\n<li>Be sure to check with a local tax adviser before taking a loan.<span class=\"tippy\" data-tippy-content=\"\n    <div class='tippy-tip'>\n    <p class='tippy-name'>The Balance<\/p>\n    <p><strong>How to Handle Lending and Borrowing Money With Family<\/strong><\/p>\n    <p><em>''<\/em><\/p>\n    <a target='_blank' class='tippy-url' href=https:\/\/www.thebalancemoney.com\/family-loan-315551>View in Article<\/a>\n    <\/div>\n    \"><sup>[6]<\/sup><\/span><\/li>\n<p>rn<\/ul>\n<p>rn\n    <h2 id=\"conclusion\" class=\"section-heading\">Conclusion<\/h2>\n    rnrnu201cLending money to friends should be done with caution, if at all,u2019u2019 said financial expert Ric Edelman, author of The Truth About Money.<span class=\"tippy\" data-tippy-content=\"\n    <div class='tippy-tip'>\n    <p class='tippy-name'>The Balance<\/p>\n    <p><strong>How to Handle Lending and Borrowing Money With Family<\/strong><\/p>\n    <p><em>''<\/em><\/p>\n    <a target='_blank' class='tippy-url' href=https:\/\/www.thebalancemoney.com\/family-loan-315551>View in Article<\/a>\n    <\/div>\n    \"><sup>[6]<\/sup><\/span>rnrnBe cautious about loans between friends and family as defaulting in this may sour your relationship forever.rnrn<div class=\"cta cta--post\"><h2>Explore medical loan options!<\/h2><h3>Get started with MTC<\/h3><a href=\"\/request-quote\" class=\"cta_button btn\">Contact us<\/a><\/div>rnrn<div class=\"content-area content-area--reference\">rnrn\n    <h2 id=\"references\" class=\"section-heading\">References<\/h2>\n    rn<\/p>\n<ol>rn t<\/p>\n<li><strong>Debt.org:<\/strong> <a href=\"https:\/\/www.debt.org\/credit\/loans\/friends-family\/\" target=\"_blank\" rel=\"noopener\">Loan Agreements With Family And Friends<\/a><\/li>\n<p>rn t<\/p>\n<li><strong>The Wall Street Journal:<\/strong> <a href=\"https:\/\/www.wsj.com\/articles\/BL-HOWTOSBB-22\" target=\"_blank\" rel=\"noopener\">How to Borrow from Family and Friends<\/a><\/li>\n<p>rn t<\/p>\n<li><strong>FFF.pdf:<\/strong> <a href=\"https:\/\/web.stanford.edu\/~perssonp\/FFF.pdf\" target=\"_blank\" rel=\"noopener\">Financing from Family and Friends<\/a><\/li>\n<p>rn t<\/p>\n<li><strong>National Debt Helpline:<\/strong> <a href=\"https:\/\/ndh.org.au\/Debt-solutions\/Borrow-from-friends-and-family\/\" target=\"_blank\" rel=\"noopener\">Borrow from friends and family<\/a><\/li>\n<p>rn t<\/p>\n<li><strong>InCharge Debt Solutions:<\/strong> <a href=\"https:\/\/www.incharge.org\/debt-relief\/debt-consolidation\/how-to-borrow-money-from-family-friends\/\" target=\"_blank\" rel=\"noopener\">Borrowing Money from Family &amp; Friends<\/a><\/li>\n<p>rn t<\/p>\n<li><strong>The Balance:<\/strong> <a href=\"https:\/\/www.thebalancemoney.com\/family-loan-315551\" target=\"_blank\" rel=\"noopener\">How to Handle Lending and Borrowing Money With Family<\/a><\/li>\n<p>rn<\/ol>\n<p>rn<\/div>&#8221;<br \/>\n\t\t\tmtctheme_title = &#8220;Bariatric and Dental Surgery Loans from Family &amp; Friends&#8221;<br \/>\n\t\t\tmtctheme_featured_post = &#8220;off&#8221;<br \/>\n\t\t\tmtctheme_pagemenu = [<br \/>\n    {<br \/>\n        &#8220;text&#8221;: &#8220;Steps&#8221;,<br \/>\n        &#8220;url&#8221;: &#8220;#steps&#8221;<br \/>\n    },<br \/>\n    {<br \/>\n        &#8220;text&#8221;: &#8220;Loan Agreement&#8221;,<br \/>\n        &#8220;url&#8221;: &#8220;#loan_agreement&#8221;<br \/>\n    },<br \/>\n    {<br \/>\n        &#8220;text&#8221;: &#8220;Pros &amp; Cons&#8221;,<br \/>\n        &#8220;url&#8221;: &#8220;#pros_and_cons&#8221;<br \/>\n    },<br \/>\n    {<br \/>\n        &#8220;text&#8221;: &#8220;Legal standing&#8221;,<br \/>\n        &#8220;url&#8221;: &#8220;#legal_standing&#8221;<br \/>\n    },<br \/>\n    {<br \/>\n        &#8220;text&#8221;: &#8220;How to Approach?&#8221;,<br \/>\n        &#8220;url&#8221;: &#8220;#quick_tips&#8221;<br \/>\n    },<br \/>\n    {<br \/>\n        &#8220;text&#8221;: &#8220;References&#8221;,<br \/>\n        &#8220;url&#8221;: &#8220;#references&#8221;<br \/>\n    },<br \/>\n    {<br \/>\n        &#8220;text&#8221;: &#8220;&#8221;,<br \/>\n        &#8220;url&#8221;: &#8220;&#8221;<br \/>\n    }<br \/>\n]<br \/>\n\t\t\tmtctheme_proscons1 = [<br \/>\n    {<br \/>\n        &#8220;pro&#8221;: &#8220;&#8221;,<br \/>\n        &#8220;con&#8221;: &#8220;&#8221;<br \/>\n    },<br \/>\n    {<br \/>\n        &#8220;pro&#8221;: &#8220;&#8221;,<br \/>\n        &#8220;con&#8221;: &#8220;&#8221;<br \/>\n    }<br \/>\n]<br \/>\n\t\t\tmtctheme_proscons2 = [<br \/>\n    {<br \/>\n        &#8220;pro&#8221;: &#8220;&#8221;,<br \/>\n        &#8220;con&#8221;: &#8220;&#8221;<br \/>\n    },<br \/>\n    {<br \/>\n        &#8220;pro&#8221;: &#8220;&#8221;,<br \/>\n        &#8220;con&#8221;: &#8220;&#8221;<br \/>\n    }<br \/>\n]<br \/>\n\t\t\tmtctheme_proscons3 = [<br \/>\n    {<br \/>\n        &#8220;pro&#8221;: &#8220;&#8221;,<br \/>\n        &#8220;con&#8221;: &#8220;&#8221;<br \/>\n    },<br \/>\n    {<br \/>\n        &#8220;pro&#8221;: &#8220;&#8221;,<br \/>\n        &#8220;con&#8221;: &#8220;&#8221;<br \/>\n    }<br \/>\n]<br \/>\n\t\t\tmtctheme_proscons4 = [<br \/>\n    {<br \/>\n        &#8220;pro&#8221;: &#8220;&#8221;,<br \/>\n        &#8220;con&#8221;: &#8220;&#8221;<br \/>\n    },<br \/>\n    {<br \/>\n        &#8220;pro&#8221;: &#8220;&#8221;,<br \/>\n        &#8220;con&#8221;: &#8220;&#8221;<br \/>\n    }<br \/>\n]<br \/>\n\t\t\tmtctheme_proscons5 = [<br \/>\n    {<br \/>\n        &#8220;pro&#8221;: &#8220;&#8221;,<br \/>\n        &#8220;con&#8221;: &#8220;&#8221;<br \/>\n    },<br \/>\n    {<br \/>\n        &#8220;pro&#8221;: &#8220;&#8221;,<br \/>\n        &#8220;con&#8221;: &#8220;&#8221;<br \/>\n    }<br \/>\n]<br \/>\n\t\t\tmtctheme_proscons6 = [<br \/>\n    {<br \/>\n        &#8220;pro&#8221;: &#8220;&#8221;,<br \/>\n        &#8220;con&#8221;: &#8220;&#8221;<br \/>\n    },<br \/>\n    {<br \/>\n        &#8220;pro&#8221;: &#8220;&#8221;,<br \/>\n        &#8220;con&#8221;: &#8220;&#8221;<br \/>\n    }<br \/>\n]<br \/>\n\t\t\tmtctheme_related_title = &#8220;Related Posts&#8221;<br \/>\n\t\t\tmtctheme_featured_blogs_usca = [<br \/>\n    &#8220;12677&#8221;,<br \/>\n    &#8220;12721&#8221;,<br \/>\n    &#8220;11464&#8221;,<br \/>\n    &#8220;11463&#8221;<br \/>\n]<br \/>\n\t\t\tmtctheme_featured_blogs_eume = [<br \/>\n    &#8220;12677&#8221;,<br \/>\n    &#8220;11463&#8221;,<br \/>\n    &#8220;11464&#8221;,<br \/>\n    &#8220;12728&#8221;<br \/>\n]<br \/>\n\t\t\tmtctheme_featured_blogs_aunz = [<br \/>\n    &#8220;12677&#8221;,<br \/>\n    &#8220;11463&#8221;,<br \/>\n    &#8220;11464&#8221;,<br \/>\n    &#8220;12728&#8221;<br \/>\n]<br \/>\n\t\t\tmtctheme_synopsis = &#8220;Any surgery is an expensive affair and arranging finances for the same can be difficult. Loans from family and friends are a convenient option for those in dire need of dental and bariatric surgery.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Any surgery is an expensive affair and arranging finances for the same can be difficult.  Loans from family and friends are a convenient option for those in dire need of dental and bariatric surgery.<\/p>\n","protected":false},"author":1,"featured_media":55558,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[407],"tags":[],"location":[409],"procedure":[],"class_list":["post-12727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-generic","location-abroad"],"_links":{"self":[{"href":"https:\/\/mtctheme.medicaltourismco.com\/wp-json\/wp\/v2\/posts\/12727"}],"collection":[{"href":"https:\/\/mtctheme.medicaltourismco.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mtctheme.medicaltourismco.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mtctheme.medicaltourismco.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mtctheme.medicaltourismco.com\/wp-json\/wp\/v2\/comments?post=12727"}],"version-history":[{"count":5,"href":"https:\/\/mtctheme.medicaltourismco.com\/wp-json\/wp\/v2\/posts\/12727\/revisions"}],"predecessor-version":[{"id":68957,"href":"https:\/\/mtctheme.medicaltourismco.com\/wp-json\/wp\/v2\/posts\/12727\/revisions\/68957"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mtctheme.medicaltourismco.com\/wp-json\/wp\/v2\/media\/55558"}],"wp:attachment":[{"href":"https:\/\/mtctheme.medicaltourismco.com\/wp-json\/wp\/v2\/media?parent=12727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mtctheme.medicaltourismco.com\/wp-json\/wp\/v2\/categories?post=12727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mtctheme.medicaltourismco.com\/wp-json\/wp\/v2\/tags?post=12727"},{"taxonomy":"location","embeddable":true,"href":"https:\/\/mtctheme.medicaltourismco.com\/wp-json\/wp\/v2\/location?post=12727"},{"taxonomy":"procedure","embeddable":true,"href":"https:\/\/mtctheme.medicaltourismco.com\/wp-json\/wp\/v2\/procedure?post=12727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}