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Bariatric and Dental Surgery Loans from Friends and Family.

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.

Federal Reserve Board states “Loans from family and friends add up to $89-million per year in the United States”.1

Top Reasons for requesting Informal Loans

  • Poor credit score.
  • No/ limited Insurance.
  • Loans denied from the bank.
  • Medical/ dental tourism surgery abroad.

Steps for requesting Loans from Friends & Family

  • Present your case: Why do you need a loan? How are you going to use the money?
  • Decide repayment terms: Either monthly installments or a lump sum?
  • Set up a recurring transfer for payments.
  • Agree on lender’s course of action if there is non-payment.

Loan Agreement between Friends & Family

The loan agreement with family or friends can be formal or informal. It should cover:

  • Borrowed principal amount.
  • Interest rate (if any).
  • Repayment time and method.
Online services such as Prosper Inc. & Virgin Money offer to make arrangements for Loans between friends and family.2

Pros and Cons of Loans of Love

Pros Cons
No forms to be filled Lack of clarity
Low or no interest Payment default damages relations
Flexible repayment Social Awkwardness
Individuals take informal loans from other sources, such as moneylenders because borrowing from a stranger is business-like.3
  • Like any loan contract, you’re legally on the hook for the debt.
  • Borrowing money is considered a type of verbal agreement.
  • It has the same legal standing as many other types of debts.
  • 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.4

Quick Tips: How to approach for a Loan

  • Be crystal clear about your own expectations – specify how long you need the money for.
  • Be specific about the loan amount.
  • Detail the repayment level you can afford.
  • Draw up a formal written agreement.
  • Plan a realistic repayment schedule.
  • If you find yourself struggling to make repayments, be upfront and ask if you can pay smaller amounts or temporarily stop paying until you’re in a better financial situation.

According to Mark Beyer, a financial advisor with Edward Jones: “Document 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.’’5

Focus on three key areas to protect the lender & the borrower

  • Protecting your relationships.
  • Protecting the lender financially.
  • Be sure to check with a local tax adviser before taking a loan.6


“Lending money to friends should be done with caution, if at all,’’ said financial expert Ric Edelman, author of The Truth About Money.6

Be cautious about loans between friends and family as defaulting in this may sour your relationship forever.


  1. Fay B., Loan Agreements with Family and Friends, Loan Agreement with Friends and Family, Retrieved on 19 December 2017 from
  2. How to borrow from family and friends, Wall Street Journal,  Retrieved on 3 January 2018
  3. Lee S. & Persson P (2015). Financing from Family and Friends, Retrieved on 3 January 2018 from

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