3 Ways to Get Your Friends to Pay You Back

We all have that friend or relative whose loan always ends up being a gift – money that you’ll never seen again. Over time, having those awkward money conversations can become a source of stress or even resentment in a relationship. Here are four smart ways to get your friends to pay you back, and keep the peace.

Let them pay next time. The next time you go out together for coffee or dinner, remind them that you got the last one, and ask if they can cover the bill (provided it is roughly the same amount).

Set up a practical way to pay. To make the process simpler and more organized, suggest to your friends that they pay you back via an online service like Interac e-Transfer, where the funds are securely deposited directly into your bank account. This will allow you to keep track of your payments and payees without having to take notes or carry extra cash.

Be direct. Rather than beating around the bush, asking a friend to pay you back directly can be a lot less painful. “When will you be able to pay back the $300 I lent you?” If you find face-to-face confrontation too difficult, use your phone. With Interac e-Transfer, you can now request and receive money automatically into your bank account through the new ‘Request Money’ feature.

Learn more at www.interac.ca/etransfer.

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