3) Customer is the borrower of a loan agreement (negotiable or non-negotiable)

Official source

In the same month as her application, a customer entered a loan agreement with her friend. The terms of the agreement are as follows:

The customer got $10,000 cash from her friend to help pay for medical costs

The customer will pay $500 a month to her friend until the loan is repaid

The contact does not state that it is non-negotiable.

The $10,000 the customer gets from the loan is not counted as income in the month received. Any amount remaining from the loan is counted as a resource in the month after the month she receives the money. The negotiability of the agreement does not affect treatment when the customer is the borrower.

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3) Customer is the borrower of a loan agreement (negotiable or non-negotiable)

Official source

In the same month as her application, a customer entered a loan agreement with her friend. The terms of the agreement are as follows:

The customer got $10,000 cash from her friend to help pay for medical costs

The customer will pay $500 a month to her friend until the loan is repaid

The contact does not state that it is non-negotiable.

The $10,000 the customer gets from the loan is not counted as income in the month received. Any amount remaining from the loan is counted as a resource in the month after the month she receives the money. The negotiability of the agreement does not affect treatment when the customer is the borrower.