I am presently in a quandary because my high school best friend is borrowing money from me. Is is against our policy to lend money because of the so many previous sad experiences of unpaid debts and the borrowers were gone. I really don’t want another sad experience but if I decline, it may cause a misunderstanding.
When your best friend borrows money
- Thread starter Corzhens
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TradingCardMakers
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This is totally true but if I can help a person I will do all my best to help that person out, at the end of the day it's good karma.
But that's just me.
I do too, just not by letting people borrow money, there’s other ways to help people.
If I do give someone money, I’ll let them know that it’s a gift (not a loan) and they don’t have to pay me back. I’ve done that a couple times but only in small amounts of $20 or less.
I only ever lend money if I can afford never to see that money again. Which is usually never because I need every dollar I earn.
If a friend asked me to lend them money I'd just explain that I'm not in a place to lend money. That I don't have money to spare.
Even if I did have some money I might refuse simply because lending to friends is not something I want to get into. If they ask it'd be as simple as saying: "Sorry, but due to past experiences I don't lend money. If you need money go to a bank."
If a friend asked me to lend them money I'd just explain that I'm not in a place to lend money. That I don't have money to spare.
Even if I did have some money I might refuse simply because lending to friends is not something I want to get into. If they ask it'd be as simple as saying: "Sorry, but due to past experiences I don't lend money. If you need money go to a bank."
Shannon Apple
Resident
Never lend a friend a significant amount of money. It doesn't end well, trust me. I've seen it way too many times where people lost both the friend AND their money.
However, if you're still going to do it, no matter what, you need to draw up a written agreement for when it's going to be paid back and get them to sign it. Don't ever say "Just pay it back whenever you can," put a reasonable time on it. Ask them when they can pay it back and make them stick to it.
I've actually only loaned friends money that I could afford to not get back. An example was when a friend was stuck for money to buy food, I gave her €20 to help. I was a student too and couldn't afford more. Things like that, you can sorta wave off. Not large sums though. On the other hand, I did give a family member €700 once, and I had to fight with them to get it back. I didn't ever get all of it back, but at least I got some. lol. He knows I'll never give him money again if he wants to stay in my good books, so he doesn't ask.
Like someone already said above, you can tell them you don't loan money for whatever reason. They could always get a loan from a credit union. That's what they are there for. They have more affordable interest rates than a bank.
However, if you're still going to do it, no matter what, you need to draw up a written agreement for when it's going to be paid back and get them to sign it. Don't ever say "Just pay it back whenever you can," put a reasonable time on it. Ask them when they can pay it back and make them stick to it.
I've actually only loaned friends money that I could afford to not get back. An example was when a friend was stuck for money to buy food, I gave her €20 to help. I was a student too and couldn't afford more. Things like that, you can sorta wave off. Not large sums though. On the other hand, I did give a family member €700 once, and I had to fight with them to get it back. I didn't ever get all of it back, but at least I got some. lol. He knows I'll never give him money again if he wants to stay in my good books, so he doesn't ask.
Like someone already said above, you can tell them you don't loan money for whatever reason. They could always get a loan from a credit union. That's what they are there for. They have more affordable interest rates than a bank.
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Yeah. You know it's a risky process and it might hurt your friendship, but as a human being with a compassion, it's just hard to say no. 😛
ColdFlameChris
New Arrival
I only lend money to those people who I want to help with whether they return it or not. I want to have someone who I can also ask help just in case I needed in the future. "It's better to give than to receive." That's my motto in life.
That would be an example of “2. You don’t mind destroying all friendship with that person if the deal goes bad” 😛
I have stopped lending money to people and friends, since the use the platform of friendship to seize the money and most of them won't pay you. And a wise bird once said, that since the hunters have learnt to shoot without missing I will learn to fly without perching.
TimothyAlex
New Arrival
I have freely given money to people who I knew were in a desperate situation thru no fault of their own. But, I do not ever lend money. I just don't want to find myself acting like a debt collector. Regardless, I tend to believe that if you are a generous person, the universe is generous toward you.
I am always willing to lend money to my friends, because I find it hard to refuse a word of help. Usually, for the money that I lend, i do not usually think about it anymore (Of course if that amount is not too big), and most of my friends usually pay on time or if there is a problem, they will inform me. So I was quite comfortable lending my friends money.
I only lend money to friends I know are going to pay me back. I keep a very good track record of that sort of thing. There are also times when friends are in real bad spots - and I just give the money. I make it known at the time that 'you don't have to pay me back.' But I save those decisions for times when friends or relatives are in VERY BAD straits.
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