Quote:
Originally Posted by puckluck
So what is your guys policy on this?
Recently a friend asked to borrow money to go on a vacation he can't afford to go on. I'll usually always lend friends and family money as long as I think they are in a position to pay it back. This guy lives pay check to pay check and he is a good friend, but the money he's asking for is pretty significant(in the thousands).
The last time I let a friend borrow a significant amount of money it took him 2 years to pay me back and that was only after he recieved an insurance settlement. I think I learned not to lend money to people who really will not be able to pay it back.
He's pissed off that I'm not going to lend him money, but he wants money to go on a vacation that he can't afford to go on. I don't see how he is going to be in a position to pay me back anytime soon. If he needed money because he was gong to be evicted or to put food on the table I would lend him money in a heartbeat, but that's not the case.
I feel like I'm being a bad friend, but I also feel like I'm doing the right thing.
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Get new friends.
Generally, its never a good policy to lend to family either.
Usually, you will never get the money back.
Remember, they're probably asking you for money because a bank won't give it to them OR they know they won't have to pay you back.
Otherwise, if you insist, then keep it on a business level and have them sign an agreement for it with consequences if they fail to pay within a certain period of time.
If you value friendship, you won't lend money to friends.
Cowperson