One time I borrowed money from a close friend, Sarah, to cover some unexpected car repairs. My car broke down suddenly, and the cost to fix it was more than I had in my savings at that moment. Sarah had recently come into a bit of extra money, and when I explained my situation, she offered to lend me the funds.
a. The loan involved my friend Sarah and me. We had been friends for several years, so I felt comfortable discussing my financial situation with her.
b. We agreed that I would repay her the full amount within two months. I promised to pay her $500, and we agreed that I would give her $250 each month until the debt was settled. To keep things straightforward, we decided to document the agreement via a simple text message detailing the terms, which also included the date of the first repayment.
c. The agreement worked out well for both of us, but not exactly how I anticipated. I was able to make the first payment on time, but a few weeks later, I faced another unforeseen expense related to my job. This made it challenging for me to stick to the original repayment plan. When I discussed the situation with Sarah, she was understanding and agreed to extend the repayment timeline by an additional month.
d. By the end of our agreement, I was able to pay back Sarah in full, albeit a bit later than planned. We both felt relieved and happy—she appreciated the communication and honesty on my part, and I was grateful for her support during a tough time. The experience ultimately strengthened our friendship, as we both learned a lot about trust and understanding in financial matters.