If you do decide to borrow money, keep things businesslike. It’s only fair that you pay an interest rate above what the person loaning the money could earn in a savings account or a money-market fund. Make the total amount of debt that you are carrying very clear to loaner and sign a promissory note that spells out the terms of the loan.
Term Insurance Quoting Services
Term life insurance protects the person loaning the money in case the borrower dies before the loan is paid. The borrower puts the person loaning the money on a term insurance policy as a beneficiary for the amount of the loan. The length of the term policy would be determined by how long it will take to pay back the loan mutually agreed by both parties.
Securing A Loan/Lien Information
If the borrower owns a home, the borrower should “protect” the person lending the money, by putting a lien on their home for the amount of the loan. This would ensure that if the borrower dies, the person loaning the money would be entitled to repayment from any assets in the borrower’s estate.