When was the last time someone asked you for some money promising to pay it back the next but somehow it seemed to escape his/her memory that there is money owed to someone which needs to be paid? Most people lose money by lending it to close friends of family you can't harass or threaten if they fail to pay you back. Do you have a 'no-lending' policy or do you lend money to friends or family members and hope for the best?
Lending money to friends is an expected part of reality. When a friend is in need, we really can't test the validity behind the action especially if the act of borrowing was done the for the first time. I have a soft spot towards benevolence, unfortunately. If a friend has a small financial need and I have some dispensable funds. I will help out even for just a small amount. If I have none, then there's nothing we can do about it. If the friend did not pay as promised, that may be the last time he or she can borrow money from me.
Yes and no. Yes, I will give them money during hard times. No, I don't call it a loan. Even if they request it as a loan and fully expect to pay it back, I was taught to never see it as a loan. Give the money as a gift and treat it as such. If they return the money later, then awesome, but if they don't, then you can't have any bitterness or hard feelings because you are considering it as a gift. This avoids drama and rifts that can be created over financial debts between family members or friends, so I like the policy. If I can't afford to gift the money, then I simply don't.
In high school, I would lend money to friends all the time. Although, at times, I wouldn't expect to see the money back. It was just a couple dollars here and there for lunch or snacks. That's about it. However, I am not financially stable to lend a large amount of money out to friends/family. If I could, then I would. But with a large amount of money being handed out, I'm going to expect them to pay me back.
If it's a small amount of money then I don't mind to lend it to my family members even though I know they always take longer time to pay than promised. As for friends, I learnt not to trust so much when I lent quite a big amount of money to one 2 years ago. She said she was really in need and since we were going to get our salary a week after, she promised that she would pay right away. But it took her months to pay back and kept on pretending to ask me if she has paid me back already or not because she does not remember at all (wow it was a big amount of money). Then before she managed to pay me back she asked if she could borrow some from me again because her younger brother was coming over and she had no money to treat him. I felt horrible I pretended like I never read her message.
I have lent money many a times to my friends and also my family. The problem I encountered was, when I lend my friends a small amount I don’t get it back and I can’t go and ask for it since I lent such a small amount whereas a big amount you can really ask. Now I lend my friends small amounts if I can really take the risk of losing it but i have never had a problem with my family
Yes, I have lent money to family when they fell on hard times. I really didn't expect to get it back and I didn't. Someone told me that if you can't afford to loss it, don't lend it. Once I lent money to a co-worker and got burned. So, I have never lent money to friends. I can handle family not paying back, but I couldn't remain friends with someone who owes me money.
I've never lent a large enough amount of money to anyone where it'd be a big deal if I didn't get paid back for it. Most of the time, it's just buying a friend/family lunch, or picking up a tab at a bar. And for those sort of things, I don't really expect to be paid back as that's just a thing friends and family do for each other. However, I'd be all over the other person if it was a large sum of money, especially if it was made clear that I needed to be paid back. I certainly wouldn't just let it go if I never got paid back by the other person. It's one of those principles ideals where its more of an insult to me personally that a friend/family member isn't paying me back rather than the money itself.
Nope, my mom learned that lesson. She had lent my ex some money then she lost her job and really needed it. She has had a new job for a year now but that doesn't change the fact that we could still use it. He would always spend the money he owes us on car accessories. We have not associated with him for a long time and we don't plan to ever again but I'm sure that he is still spending his money on useless things.
I have in the past loaned my relatives and friends money. Luckily they paid me back. These days the only one who now owes me money is my youngest son. He was only working part time and kept needing money for rent. He now has a full time job and has almost paid me all back. I told him to start saving some money, in a savings account so he has some cash for emergencies. He listened and now has a couple of hundred saved. He no longer asks me for a loan. I am glad!
I only lend money if I have extra, so if I lend someone money, they are just usually small amounts. I lent my friend $25 and it took a lot of reminders for her to pay it back, so now I kinda avoid lending money to anyone, since I dislike having to ask them to pay men back. I noticed that if they can get away with it, they will take advantage of it.
I don't believe in lending money unless someone close to me really needs it. That would be different. That would be helping them out and chances are it would not be lending, it would be giving. I don't believe in giving out money unless it's for a good reason.
