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The Complete Idiot's Guide to Person-to-Person Lending by Curtis E. Arnold, Beverly Harzog

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Chapter 20
Lending to Groups, Family, and Friends
In This Chapter
• The basics of being part of a lending group
• Lending to borrowers who belong to groups
• Issues with lending money to family members
• Things to consider when lending money to friends
• Why it’s an extra good idea to document loans to family and friends
 
In Shakespeare’s play Hamlet, Polonius may have said, “Neither a borrower nor a lender be,” but he didn’t know about P2P lending. Nowadays, he might add, “Unless, of course, you get legal documentation through a P2P lending site!”
Having it all legal and official helps, but it doesn’t solve some bigger emotional issues that are bound to crop up when you lend money to family or friends. But having documentation goes a long way toward ...

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