Loaning $ to Family or Friends

[katwoman]

Re: Loaning $ to Family or Friends

I really do think it depends on the people and their relationship to each other.

I loaned $1000 to a co-worker. She paid me back in a month (or was it two?).

When my dog needed surgery and I was complaining about the cost, my co-workers volunteered their financial support. Thankfully, I didn't need their help, but I was touched by their compassion and generosity.

I had defaulted on a student loan ($10k) and my mother offered to pay off my debt. I was both ashamed and grateful. Instead, we took her $10k and opened a CD which was put up as collateral for a $10k loan I took out. The term of the CD and loan were 2 years. The loan money went to pay off the student loan. Each month a payment was deducted from my checking account and the loan was paid down.

A old boyfriend of mine got his truck repossesed. He needed 6k to get it back so I "lent him the money" knowing he would have a check coming in for a job he did. He paid back everything except for 2k.


Would I lend money again? Yes, but not to a deadbeat.
Would I borrow money again? Right now I'm in a position where I don't have to, but one never knows.

[Ima saver]

Re: Loaning $ to Family or Friends

If it was a small sum, like $50, I would and not worry about it. I have never borrowed from anyone in my life, I was not raised that way. I would rather give money away. I gave $20 to the guy that fixed our meal at the restaurant last night. No one ever thinks of the cook.

[sweeps]

Re: Loaning $ to Family or Friends

It would be helpful to mention that your site charges $15 per promissory note.

[Ima saver]

Re: Loaning $ to Family or Friends

Neither a borrower nor a lender be.

[Lostsoul33]

Re: Loaning $ to Family or Friends

I owe a small sum of money to my parents right now. I have a minimum amount which we all agreed on that needs to be paid monthly. If I have extra, I put that money on it too. Everything is in writing and we've had no problems at all with it. We opened a joint bank and I just put the money in monthly. We don't even talk about it. My parents have the bank statements to keep track of it and I write everything down at home.
As for me loaning money, I have loaned to a boyfriend at the time. I gave him $500 and had no trouble at all collecting the money. I rarely have people asking to borrow money from me so I guess that's a good thing.

[nanamom]

Re: Loaning $ to Family or Friends

If it's my kids I would gladly give it to them. I figure any "loan" I give them will be paid back when they help my grandchildren. Don't have friends (move too often).

[frugalfarmwife]

Re: Loaning $ to Family or Friends

I had to laugh reading through this again after what we've found out is going on with hubbies mom having "loaned" tons to the other brothers and blowing the rest of her money.

Lifes been hectic with that and then today my mom (see previous post above) who we owe money made a comment about the land that HUBBY AND I bought with the land. Her comment? "That land I BOUGHT is a good investment, it's going up in value" AHHHHHHHHHHHH, I love her but my tongue STILL hurts from my biting it, lololol! I SO want my dads trust finished so I can PAY HER BACK!!! ( But the land is in hubby and my name!)

kj

[markio26]

Re: Loaning $ to Family or Friends

we will loan only if it is for someone, we care about.. and
after about a month.. we tell them consider it a gift... if it
is a family member, we deduct the amount of the payment,
agreed upon from their birthday or xmas present amount.
we have helped out many friends, some pay, but, always
later than agreed upon.. other friends paid most of it back,
and then just stopped paying and moved, never heard another
word or received another payment... old flames, that we
dated before we hooked up. took both of us for bad loans... so,
we have learned the hard way to say, let us talk about this some more first, or let's sleep on it. mostly if ppl. would brain
storm they will find ways to pay a debt back...