Lending friends and family money

[Bill Bumface]

Originally Posted by Dion

Look everyone, a picture of an entitled little ####bird that goes around to all of his extended family hoping to score a free trip at their expense.

If I ever decided I wanted something in life, I earned some money, saved it, and paid for what I wanted when I could afford it.

This kid is going to have a maxed line of credit as soon as a bank is dumb enough to give him one.

[DownhillGoat]

Originally Posted by puckluck

Get new friends because he is asking to borrow money? That seems a little extreme. He is still a great guy, but just very stupid with his money.

I'm guessing it's more because he got mad at you for not lending it to him, not just the fact that he asked for money.

[flamesfever]

Originally Posted by Cowperson

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

I seem to recall the old saying, "Lend money...lose a friend".

[CaptainCrunch]

Originally Posted by puckluck

Get new friends because he is asking to borrow money? That seems a little extreme. He is still a great guy, but just very stupid with his money.

He's not a great guy, he's trying to take advantage of someone that might be a soft touch.

Lend him the money, set a high interest rate and a period of time for the payback to happen. Get it in writing, and don't believe any of his BS when he trys to tell you that he can't afford to pay you back.

If he has a girlfriend, she stays with you until you get paid back.

[Wormius]

Originally Posted by puckluck

Get new friends because he is asking to borrow money? That seems a little extreme. He is still a great guy, but just very stupid with his money.

He is not stupid with his money if he can get people to loan him money for vacations without an expectation of paying it back. In fact, that gives me an idea for my next vacation....

[CaptainCrunch]

If the friend was a hot chick with big boobies and low morals at least I know that I would either get some satisfaction about lending money, or I could make the money back through the miracles of internet porn.

But that "Great Guy" once he realizes that he can't pay you back will start to not return phone calls, then he will avoid doing the whole hanigng out thing, then when you confront him, he'll blame you for pressuring him to pay you back when he's broke.

Then he won't be a great guy anymore, he'll be another deadbeat piece of garbage.

[MoneyGuy]

You did the right thing. If you lose this loser of a friend, he wasn't much of a friend.

[Cowperson]

Originally Posted by puckluck

Get new friends because he is asking to borrow money? That seems a little extreme. He is still a great guy, but just very stupid with his money.

He doesn't regard you as a "friend."

He regards you as a method to a means. If you don't provide the means, he's mad and wonders why he puts up with you. If you do provide the means, he'll be nice to you because obviously you're useful.

Generally, aside from $5 or $20 here or there, never lend money to friends if you want them to remain so as the kind of friend who asks to borrow usually won't return it, particularly for the completely lame and shameless purpose you were describing. That has warning bells written all over it.

Time to let that friendship start to die a natural death.

But hey, its your life. Learn that lesson the hard way if you want. And that's all I've got to say about it.

Cowperson

[Wormius]

Loans to friends or family is bad. Parents yes, everybody else no unless its the whole you buy lunch this time, I will get it the next time kind of thing.

Parents were pretty much bank accounts growing up and if I look at what they spent raising me, I will still never be able to pay them back enough.

if absolutely felt the desire to lend money to friends or siblings, there would be collateral involved.

[Slava]

Before I say this, I wouldn't lend money to a friend (or family) for a vacation.

That said, there are some pretty harsh lines here. Its almost as though no one here would ever lend money to anyone? I definitely see the issue, but there is also a line there where I would lend money to friends if they really needed it and were in bad circumstances. For some of my friends to even ask me for a loan would mean that they were in a bad spot. I wouldn't do it for just anyone, but some of those guys are like family and I would want to help them however possible.

[flamesfever]

Originally Posted by Slava

Before I say this, I wouldn't lend money to a friend (or family) for a vacation.

That said, there are some pretty harsh lines here. Its almost as though no one here would ever lend money to anyone? I definitely see the issue, but there is also a line there where I would lend money to friends if they really needed it and were in bad circumstances. For some of my friends to even ask me for a loan would mean that they were in a bad spot. I wouldn't do it for just anyone, but some of those guys are like family and I would want to help them however possible.

The word Character comes to mind when I read your post. When you know the person well with whom you are lending money, and know them to be of good character, then the risk of recovering your money is probably minimal. However, I believe it is still prudent to put some paper in place, outlining the terms, if the sum is sizeable and may impact your own financial situation.

As for advising young people about what to do with regard to lending significant sums of money to friends or relatives, I still think it is not a bad idea to instill a strong sense of caution and reluctance in general.

[Street Pharmacist]

My rule of thumb is to never lend friends/family an amount of money that will cause the relationship to sour if it is not payed back. Look at worst case scenario. What if he doesn't pay you back? Can you live without that money?

[Dion]

Originally Posted by flamesfever

I seem to recall the old saying, "Lend money...lose a friend".

Or do a better job of choosing your friends.

[freedogger]

I think you should have fun with this. Make him sign something that will have him get PUCKLUCK tattooed on his forehead or maybe get breast implants if he doesn't pay you back by a certain date. Have a lawyer draw it up. Then you'll know if he's real about it or not.

[Dion]

Originally Posted by hulkrogan

Look everyone, a picture of an entitled little ####bird that goes around to all of his extended family hoping to score a free trip at their expense.

Excuse me? Score a free trip? Don't make me laugh! He wanted to pay it back but my brother and his wife refused his request. He was looking for a loan - that's it. As a family unit we supported his studies in India.

As for the little ####bird comment. Why the need to be so childish?

This kid is going to have a maxed line of credit as soon as a bank is dumb enough to give him one.

You're enitiled to an opinion no matter how wrong it is. Keep em coming thought as I could use a few laughs.

[Caged Great]

I never lend friends money.

I'll do whatever else I can think of to assist with whatever the heck it is that they need the money for, going as far as it is humanly possible without giving them money. It's not about the dollars, I could not care less about that. I just know that if I do give them money, I might as well just end the friendship and save both of us the hassle.

[Nuje]

Originally Posted by puckluck

but he wants money to go on a vacation that he can't afford to go on.

In a nutshell, that's all. I know some people sometimes need a vacation, a break, whatever. But truly, the only time I lend my friends money is in dire situations, not when they want a vacation. Gotta pay rent, mortgages, etc. is one thing. Wanting to go to Hawaii is quite another. Right choice is no here.

[Table 5]

Originally Posted by 1stLand

Galavanting off to India, because other 'hipsters' have gone down that path seems hardly worth the money in my opinion.

That is the problem with today's youth. They take up fruitless degrees and areas of studies that lead to debt and with no gain in practicable hire-able skills..

Traveling the world and seeing new cultures is rarely a waste of money or time, especially in your youth. Personally, from the ignorance and sheer stupidity of a lot of your posts, I think you could use a little of that type of eye-opening trip yourself.

[puckluck]

Originally Posted by Dion

Or do a better job of choosing your friends.

What a ######ed comment, and ironic one since you are defending your nephew for free loading off your brother.

[DuffMan]

what kind of friends do you have? I would never ask a friend or family for money for a vacation.