Should/Would you lend friends money?
 

Aside from the, "Neither a lender nor a borrower be" scope, and lacking collateral, what criteria would you take into consideration? (Asking 5K)

I'm between a rock and a hard place; and I can count on some really needed feedback here.
Thanks


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After the last fiasco I had lending a friend money.. no don't do it.
If you must, get them to sign paper and let them know that you're not lending the money as a friend. Make him/her put down some form of collateral even if its not worth all that much, sentimental things are ideal. Write down payment dates on pieces of paper etc.

I've lost a good friendship because he couldn't keep up on payments, and he thought i'd let it slide cause I was a friend. It doesn't work that way...

I lend money to "friends" all the time. I also borrow it from them. Why? Because I can count the number of true friends I have on one hand and I'd trust any of them with my life and after all, it's only money.

Now as far as outside that circle of friends, and amongst associates? Usually not a good idea.

If you don't want to be friends with them anymore then go ahead and lend them money

they won't pay back shit

specialy if he needs 5k he's obviously in a hard spot

I did a 5k loan to a buddy and his fiancee once. it came back slowly and not without effort but it did all come back.

Don't do it. ;)

how good is the friend? what will the money be used for? when will they be able to pay it back by?

I wouldn't do it, it's not worth the hassle unless you don't expect it back.

Same here. I have a small circle of friends that I don't keep track. Then there are those that I', testing to see how honest they are, then there are the ones that I wouldn't buy a drink for.

Everything is relitive.

take into consideration that you might not get it back

haha i agree..

It depends on the friendship. I don't loan money because there is an expectation on my part that I will be paid back..and, in a timely manner.

If someone is in dire need and they are a good friend of mine, they may call it a loan and I leave them with that illusion, but I have no expectation of ever getting it back, so, to me, it's a gift that leaves them with their self respect.

I've loaned money before as a true loan. It has always proven to be disastrous.

I don't loan money to friends, I give it to them and hope that I get paid back. :1orglaugh

I have in the past...but no longer. Lesson learned too many times the hard way.

These days I'll only loan bucks to trusted family members.

I'll only loan money to friends if two conditions apply:

1. They really need it (I would never deny money for a medical expense for example)

2. I can do without that money, I'll survive at least

Any other situation is probably not worth it.

It would entirely depend on the friend and the amount of money.

I'd pretty much loan $50-$100 to most people I'd care to associate with, and maybe up to $500 or $1000 for close friends on a short term (2 weeks) loan.

I don't think I'd loan anyone over that amount for an extended period of time, out of fear of ruining the friendship.

dont lend, just give it because you wont get it bak

Depends on:

1. What does he need it for.
2. Is he that kind of friend that'd lend you too.
3. Did he have trouble asking for the money.
4. Is this the first time he asks it.
5. How long have you been friends.

This should help you out a bit :thumbsup

most of my friends are fucking de-generate gamblers or drug dealers.

fuck loaning people money.

Pretty good guidelines there.

Hard situation. If you don't give it and he knows you can afford it he might get pissed at you. But if you do lend it to him and he doesn't pay back you're gonna get pissed at him.

Lending 5K to someone is something I personally wouldn't do to anyone but my immediate family and a couple of close friends who I trust 100%.

Pretty much the replies I expected. His family has $ and I've known him for about 5 years, but the amount puzzles me. He is a good friend yet a black sheep of sorts.

I think this sums it up best so far.

"I don't loan money to friends, I give it to them and hope that I get paid back."


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Never Again!!! Only lend what you are willing to lose. I am not willing to lose anything, thats why I say Never Again.....been there and done that....

No I give friend's money. Total screw ups I limit that, but I would still help if I could in some way or another.

Lending a friend money is just a recipe for disaster. You risk the chance that they have trouble paying you back and therefore losing that friend.

Hmm, his family being wealthy would bother me a bit too.

If it was me, I might try telling him that things are tight right now, but I could swing $2,000 and gauge his reaction from there. If he's pissed off (which he shouldn't be), you know what you're up against.

If he still shows great appreciation for the effort, it might be worth taking a risk. But it's still a risk.

well said :thumbsup

Don't lend..just give it to him. This way you keep your friend. Tell him you will NEVER ask for it back, but if he has the money in the near future remember you.

Same here - don't hold by breath with repayment. I'll lend to friends. Ya know who will pay back and about 30% do. The rest you can change from the word "loan" to "donation" and forget repayment - they only get a "loan" once.

There are two types of people as regards "loans", whether they are friends or accquantances - those who pay and those who don't - there are no distinctions as regards "friendship".

There are also folks you can throw a $100K check at and know they will honor that loan - and you can always rely on em to reciprocate if needed.

No way DF!:winkwink: That is one loan that would be a donation - if ya wanna help him out, fine, but don't look forward to repayment.

EXACTLY :thumbsup

If you care about him enough to consider loaning him $5k, then he is probably a good friend. Therefore you should only lend him the money if you are EXTREMELY confident that the money will be repaid in a timely and hassle-free fashion, and/or EXTREMELY confident that failure to repay will not ruin the friendship. :2 cents:

And, you have to ask yourself, too....will helping him out financially really help?

This is a good advice, although if is a true friend i'll lend him money no problem.

I have no friends! :1orglaugh

Yes, hand it all out to friends, they will pay you back for sure.

































hahahahhaha

PS Can I borrow $100k? I'll pay it back next week :winkwink:

That really helped; talk about in perspective.:)


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