Lending Money to Friends or Relatives?
When someone you love is struggling financially, lending money to relatives and friends can be a kind gesture. However, it can become troublesome if your efforts to assist result in conflicts or you encounter financial problems as a result.
A friend or member of your family may ask you for a loan of money under specific circumstances. For instance, they don't have enough credit history to be approved for a personal loan or line of credit, they are unable to meet the income requirements for a traditional loan because of illness or a loss of employment, or they need the money right away to cover an urgent expense.
Even though you might feel compelled or under pressure to lend money, you should think carefully about whether doing so would be beneficial for you and your financial situation. For instance, it's probably not a good idea to lend money to someone if doing so would strain your own finances and make it harder for you to keep up with your bill payments. Making a loan might not be as tough to manage, though, if you have a sizeable emergency fund, little or no debt, and a consistent source of income.
It's crucial to be picky about who you lend money to if you're doing so with the hope that you'll get it back. You can prevent future financial and emotional difficulties by only giving loans to friends or family members you know will pay back what they owe.
It's acceptable to let someone know if you don't feel comfortable providing them with money. Even if you could encounter resistance, it's crucial to only extend a loan when you are certain that it won't jeopardize your relationship.
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Very true
Thanks @voidd.
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Honestly, I don't like lending money as I don't like asking for payment. and besides, my father went bankrupt because of it. He once had a lending business but his friends and our relatives just took advantage of it. In the end, the majority didn't pay, some flew away, and he lost his business.. And it's us, his family, who suffered the consequences...
That is sad! Your father's relatives and friends who took advantage of him? WOW. I'm sorry that you and your family had to suffer.
It is sometimes preferable to deal with strangers (who you have never met before) who have a track record and a good credit score.
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It's a perplexing post title, but it happens all the time.
The worst and biggest potential that will happen is the breakdown of the relationship if, one day, there is a "problem."
I really don't want to get into trouble with either of them, not with friends, let alone with my own relatives.
I also often experience this, and what I do is I will lend to relatives with pleasure, and we often lend to each other. without a time limit, and there may be no overpayment of the amount lent.
But I never lend it to a friend; I'm just looking for an excuse not to lend him the amount he requested. I really only gave him a small amount—about 10% of the amount he asked for—and I never intended to charge him back. I just said, "I have this amount that I can give you, and you don't have to give it back."
I really don't want to ruin our friendship.
That is good... Just lend what you don't need.
Thank you for your comment, @justbabylee!
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It's a very difficult situation. If you borrow the money, perhaps don't expect it back. What can you do if they don't pay up !
It is a challenging situation. Learning to say "no" is important.
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Wise words @silversaver888
One should think carefully indeed.
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It is common sense, my friend!
Have a great week as well, @littlebee4.
You make me happy; you are so patient in supporting me.
A big hug to you 🤗
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It is indeed, but sometimes others need to hear it 😎
Thank you so much my friend, that’s great to hear. Happy to be here, especially after I missed so much.
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I am against lending money, it never leads to good things and the same goes for borrowing.
As far as close relatives and dear friends are concerned, if they are in situations of need and I find myself giving them money, I consider it as a gift, because I believe that family is this, helping each other in times of need without wanting anything back.
You are absolutely right! Who else should a family turn to when they are in trouble? And gifting them money is the best, especially if you have more than sufficient emergency fund and a job. It will not hurt to say, "Pay when you can", but not expect payment.
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As the saying goes "friends and money, water and oil" It is not the most advisable and it usually ends badly in one way or another. If it is very necessary, you have to do it from the heart and not waiting for your return.
It's ironic... that failing to pay their debts to friends appears to be common. Unless they are unable to pay, in which case they should state this upfront so that their friend does not expect payment. Otherwise, they are not true friends, if they allow money to come in between.
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@silversaver888 we have a friend that has such a good heart. Several times she has loaned money and even cosigned for friends of hers. This is caused her to go bankrupt not once, but twice…
Always think twice……..😇
Oh goodness, to go bankrupt... lending beyond her means. That is why warnings, such as this are helpful!
Always think twice, @silvertop😇
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Very true @silversaver888 , that’s why post like the one you made are so important! 😇😊
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That's a good way to put it. Lending money to friends and relatives always comes with 'unwanted complications'. One of the drawbacks I personally experience is not paying on time.
Lucky for me, my friends are mindful of their obligations! For sure, don't lend any amounts that you couldn't do without.
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I think that's a very good rule of thumb to follow. It puts you financially in an uncomfortable situation.
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One has to work hard and earn security, to appreciate it. Unlike a gift, a loan should be repaid. Yes, those Gold Coins are sweet. Thanks again, SILVER SAVER - @silversaver888.
It is exactly as you said but I wish it was. Nobody helps anybody nowadays Rather, their family members are more jealous of their family members Only a few people are sincere with you, the rest of your family is ready to watch your spectacle. But whoever realizes this should take care of their remaining friends and family members.
Wise words @tornad !
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Lending to such people without a proof of them paying back can be difficult and this affect ones financial life if it because a consistent act.
A must is a contract, @micheael87 !
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That ship has passed for me. I have had too many bad experiences with lending money. Not happening
It's heartbreaking to lose a friend because they couldn't repay you.
I still lend to friends, and only to close friends.
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In today's era, people are becoming more jealous of other people and it is difficult to make a decision in the family if you have to give a loan. If I am here, I will give the loan to my family member, no matter what happens, it would be part of our house. It can also be given to friends because a good friend is with us for a long time so we can trust on him as well.
People I trust are people I consider friends. I lend out to friends. So far, so good!
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so true. 😉🤙
my aunt, who is by far the best with money in our family, once advised me.. only GIVE money that u want and are willing to lose..
Yes, indeed! To friends, I lend out only what I do not need!
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It's best not to get involved for any substantial amount, I think it's best to do so with some collateral, so if I wanted to borrow some money I would give the friend or family member gold/silver as insurance that they will get their money back
Very wise! I've lent out a substantial amount to a friend in the past, and she offered collateral, which I accepted. It went well!
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If it where under $500 I'd simply give it to that person with no strings attached. It's an amount that won't hurt me and its not worth losing a friend over. However, a drug addicted person would be a whole other ball game. It undoubtedly depends on the friend and the circumstances.
Always, with love 🤗🌺❤️
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Yes. I've given money to a friend, but most of the time, I lend it out and get paid back!
Hugs and kisses, sis🤗
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I never lend money to family or friends, and won't borrow either. With family and friends I do not ask for or expect repayment. If my family is in need I give what I can, but it is never lent, only given.
Good for you, @fat-elvis!
That is a good policy!
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I like to help people but I think loaning money should be avoided at all costs if possible. I've had several relationships with friends basically break down when they insisted they couldn't repay me yet but I see them on social media on vacations using my money to cruise around in luxury. That was just one situation but it sticks on my mind to this day.
Wow-- I wouldn't want to be friends with those kinds of people. They aren't friends. They just want to take advantage of you!!!
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You are so right, sis! A friend of ours some time ago, went a little beyond lending the money; she cosigned for a loan for a friend. Her friend left her not only with the loan to pay off, but her dog as well. Then the friend later resurfaced with a new dog and a new place to live, and never even made any attempt to repay the loan our friend was stuck with. She (meaning our friend) has done this twice and both times been burned. I really don't understand how the supposed friend she cosigned for could treat her that way and I don't understand how our friend (the one who cosigned) got hood winked into it twice!
I believe that family and friends can feel like because of the relationship, they don't have to repay the loan. I'm not saying you should never, but as you said, people need to really look at the situation and what financial impact it would have on them personally.
Thanks for sharing sis! Love ya!🤗😘🌸💞 !LADY
It is so unfortunate. I lend to friends, especially if they are in dire need. But only to the extent that I could without jeopardizing my own interests. So far, so good!
Hung and kisses, sis 🤗
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I'm glad it's worked out for you thus far. I've gifted friends who were down on their luck, but don't expect it to be repaid.
Our friend just made some poor choices, unfortunately! Love ya much sis!🤗😘💞🌸
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I don't exactly like lending out money but I kind of expect any money that I lend out that it won't come back to me either. I will ask back for it eventually but I trust my friends/family to return that money.
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Very well said. It's causing me mental and emotional problem as the person come habitually and I feel tortured. Just tough...relationship gets really strained.
Do not get involved financially with anyone you call friend or family, unless you want to lose that relationship. Whether or not they pay you back it gets awkward.
If you really want to “lend” the money, consider the money gone. It is a gift. Any point in time you ask for the money back ruins the relationship.
More importantly, NEVER EVER GUARANTEE A LOAN as the guarantor for anyone. Friends, family, even kids etc. If they can’t quantify on their own already, they are over extended. They will more likely than not drag you down with them, and it will be an even more difficult conversation and ruins the relationship.