Do you need to pay interest if you borrow money from family?

well, it actually depends on your "talk" and the type of family you have. i know of a guy who borrowed money from his mom to run his business and he pays the interest accumulated.

That's terrible clorissa, we don't have to do that ever within the family and it's also not advised as per our religion but still I have seen some morons doing that. I can understand if someone is doing that and running it as a business but still I won't consider it fair within the family, never!

It all depends on the deal you work out with your family. Years ago I borrowed money for a car from my grandmother. I paid her the same interest she would have earned if the money was in the bank. I've recently talked to my parents about borrowing some money and they said they would loan it without interest.

I don't think most families will make their family pay interest rate. I think most of the time it's just borrowing money and either giving it back at a later date or doing something for the person to supplement the money borrowed. When I've borrowed money it's never really been borrowing it's been asking for it and getting it. Now that I am older my fiance and I need money so we are doing things for our family to earn the money. I think it's better to do it that way so it's more like a job and not borrowing it.

I don't need to do that.