If you find yourself in a situation where you need a little extra money, your parents might be willing to help you out. Before you approach them to ask for money, it’s important to prepare a solid explanation of why you need the additional funds. If you have good reasoning for your request, they’re going to be much more likely to lend you the money that you need. Showing your parents you're responsible by creating a plan for repayment may also help your chances of getting the loan.
Set a Date and Time
Arrange a time to talk to your parents in advance, to ensure you have their full attention. Catching them off-guard or when they're in a hurry could result in having an inadequate amount of time to talk.
Discuss Your Need Clearly
Explain the purpose for the loan. Justify your reasoning for needing extra money and why you're unable to come up with all the funds yourself. They’ll want to know exactly what you plan to do with it, so it’s important to have a well-thought-out plan ready to show them.
Report What You Can Contribute
Demonstrate your ability to be responsible and save money by putting some of your own funds into the cause. For example, if you ask your parents to lend you $100, offer to match their investment with $100 of your own. Meeting your parents halfway shows them that you’re able to manage money and want to work toward achieving your own goals. If you can't match 50-50, at least try to have some matching funds.
Propose a Benefit
Offer something in return for your parents’ money. This shows that you don't simply expect a handout out and are willing to make sacrifices of your own for the loan. For example, suggest an arrangement where you help with extra household chores in return for their generous loan.
Wait for a Response Patiently
Allow your parents time to think the arrangement over. Making the decision to lend money to someone, even your own child, can be daunting. Giving them the time and space they need to make a choice they’re comfortable with demonstrates your maturity. Displaying patience shows your parents you respect them and want them to be at ease with their choice.
Complete a Repayment Plan
Make arrangements to pay the loan back, preferably in writing if your parents do not provide a loan agreement. Demonstrate responsibility by meeting all deadlines set for repayment installments.
Accept the Final Decision
Accept your parents' decision gracefully if they tell you they're unable to loan you money. Pouting and becoming upset with them will make you appear immature and childish.
Laura Woods is a Los Angeles-based writer with more than six years of marketing experience. She has a Bachelor of Arts in communications from the University of Pittsburgh and an MBA from Robert Morris University.