With an onslaught of bankruptcies, hundreds of thousands of businesses shuttered, and millions of Americans out of work or furloughed, these are undoubtedly challenging economic times as the coronavirus continues to upend daily life. Some folks may begin looking for financial assistance among those closest to them — friends and family members. Lending money to loved ones can be fraught with challenges and pitfalls, and should be approached with caution. We asked financial experts across the country to weigh in on the mistakes to avoid when providing cash assistance to friends and family. Here are their tips for avoiding the frustration and hassles that often come with such loans.
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