It was William Shakespeare who wrote, “Neither a borrower nor a lender be; For loan oft lose both itself and friend.” While few people would argue with the wisdom of The Bard, turning down a relative in need or an enticing business venture from a friend can be difficult.

So what do you do? In this week’s episode of “Financial Etiquette with Randy Cohen,” the author, humorist and original The New York Times “Ethicist” offers his advice.

“Financial Etiquette with Randy Cohen” has caught the attention of publications like The Wall Street Journal, The New York Observer, and The Salt Lake Tribune. For more tips from Randy Cohen and Ally Bank, click here, or visit us on Facebook or YouTube.

What’s your policy for loaning money to friends or relatives? If you decide to do so, what precautions do you take?