What’s your policy as far as helping friends/family that are going thru a financial crisis and need you to loan them money?
- Thread starter Skydove
- Start date
Always make them sign a promissory note with clear terms, especially concerning when they plan to repay you. If they live in another state, you can use Docusign. Keep records of any transactions, be they screenshots of PayPal/Zelle/Cashapp payments, and any communications via text. Loaning money to people you love and trust has a big chance of going bad, because they tend to not want to pay you back because they think you won't do anything to them because you love them. I'm talking large loans here, small amounts like $20-$50, if they don't pay me back, they will probably dodge me, and that means I got them out of my life for a small fee.
In a way, lending money to friends and family is a litmus test of sorts that reveals one's character.
They will either:
1. Pay it back as promised
2. Struggle to pay
3. Don't care to pay
I've unfortunately been a victim of number 3 on several occasions, and it has forced me to look at these individuals differently.
They will either:
1. Pay it back as promised
2. Struggle to pay
3. Don't care to pay
I've unfortunately been a victim of number 3 on several occasions, and it has forced me to look at these individuals differently.
I don't lend money to people at all. I pay my debts off. One thing you can say about me if I owe you I will pay you back and it won't be long before you get your money back. I just stopped using my debit card for purchases because I was advised not to. If I pay my shit off I expect anyone I lend money to, to pay their shit off. I don't play with my money. I wish I could go back in time and women that shit didn't work out with I wish I could get my money from them for wasting my time.
God-Of-War-420
Mr. Pool
I only loan my Brothers or Sisters money if they need nobody else
“Neither a borrower nor a lender be, for loan oft loses both itself and friend, and borrowing dulls the edge of husbandry.”
I will lend what I don't expect back from close family, maybe friends - but the main thing the character of the individual. If I know they just want to buy nonessential shit then, no. If they need it for a car repair or something, maybe. Totally depends on the character or the person.
I will lend what I don't expect back from close family, maybe friends - but the main thing the character of the individual. If I know they just want to buy nonessential shit then, no. If they need it for a car repair or something, maybe. Totally depends on the character or the person.
Loaned money to my sister in law on a couple of occasions and she paid me back in full each time.
Agreed. And I've had #3 turn out to be a rough lesson and motivator to cut people off. I did once pull up to a friend's job to wait for him after work and make him take money out of an ATM. Playing games. Was dodging me and forced me to act. But he could be struggling in the worst of ways and I wouldn't lend him money again.
I never LOAN money..
I would rather just gift the cash.
LOANING money to friends or family is a recipe for disaster.
Now if you pay me back without me asking (I will never ask) I will gift to you again if asked again.
I would rather just gift the cash.
LOANING money to friends or family is a recipe for disaster.
Now if you pay me back without me asking (I will never ask) I will gift to you again if asked again.
The limit is what I can afford to lose. Me and my brothers, we have never had an issue with money. If they borrow from me and say they will have it back on a certain date, on that date they will hunt me down to pay me back. My little sister, when she attempts to pay me back I tell her to keep it and usually give her more than she asks for. But she rarely asks for anything. I have an aunt I grew up with and loved who asked for a couple grand for her mortgage and I didn't want her to lose her house. She tried to stiff me, talking about the things she did for me as a child. Yeah well, that promissory note and the Western Union transactions held up in court, it was cut and dry is all I'll say. I've had bum ass friends who welched on $20, I don't see them anymore and am glad to be rid of them. Had a girlfriend I loaned $1500 to for a truck. She tried to pay me back with pussy. Promissory note and the judge said otherwise. At this point I don't loan shit to anyone but my brothers and sister.
The bolded parts, I expect to be paid back but I'm prepared to not be paid back and I know if they don't I'll never have to worry about them asking again, also I have an excuse for when someone ask to borrow money..lol
The limit depends on 1) my current financial/liquidity state of being 2) the requestor 3) how generous I'm feeling in the moment.
I’m the one that always has to save somebody.. just loan my cousin 300 on Friday… he gonna give me back 400 this week.. people always laugh that I’m cheap or the black Jew but whose the person they always got to call to bail them out, you guessed it…. I pretty much only lend out money to dudes. I know females usually try to get over on dudes that’s why I’m rough on them and never let them borrow shit.. as of right now a few dudes owe me several hundred to several thousand
Give them what I can and don't expect it back
$20 is all you get....i learned early on some folks not all is terrible with money even my own damm kids..loan them money and they
dont know you no damm more afterwards...not (I)....i got these m-f trained to not even look in my general direction or even try to
fix they lips to even attempt in they sleep to even ask me for anything over $20....
dont know you no damm more afterwards...not (I)....i got these m-f trained to not even look in my general direction or even try to
fix they lips to even attempt in they sleep to even ask me for anything over $20....
I don’t loan money out anymore, I’ve realized I live in a one income household. The people who have ask me is coming from a two income household.
I just scratch my head, like you don’t have no money in your savings account. Second, would be you don’t have a credit card to pull from. Third no personal line of credit to pull from. Last but least ask your bank for a personal loan. By this time they already hung the phone up on me!
I just scratch my head, like you don’t have no money in your savings account. Second, would be you don’t have a credit card to pull from. Third no personal line of credit to pull from. Last but least ask your bank for a personal loan. By this time they already hung the phone up on me!
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For me, it’s simple if I have it, I will give it away and not expect anything in return. If you expect it back, that’s when problems may occur. i’ve been in the situation before, and typically they were asked for a certain amount depending on the amount I may supply it, but the majority of time I don’t give them the full amount. I give them something and tell them don’t worry about paying me back.
I DON'T DO IT ANYMORE AND I ASK MYSELF THESE TWO QUESTIONS AND IF THE ANSWERS NO THAN....I CAN'T HELP THEM.
1.IF YOU WERE IN TROUBLE WOULD THEY HELP YOU?NO? WELL DON'T HELP THEM
2.IS THIS PERSON GOOD WITH MONEY AND RESPONSIBLE FROM THE OUTSIDE LOOKING IN????....NO WELL DON'T HELP THEM.
EASY DECISION CAUSE A MOTHERFUCKER WILL USE YOU AND TAKE THAT MONEY AND LOANED THEM AND TURN RIGHT AROUND AND BLOW IT CAUSE IT'S NOT THEIR MONEY.
1.IF YOU WERE IN TROUBLE WOULD THEY HELP YOU?NO? WELL DON'T HELP THEM
2.IS THIS PERSON GOOD WITH MONEY AND RESPONSIBLE FROM THE OUTSIDE LOOKING IN????....NO WELL DON'T HELP THEM.
EASY DECISION CAUSE A MOTHERFUCKER WILL USE YOU AND TAKE THAT MONEY AND LOANED THEM AND TURN RIGHT AROUND AND BLOW IT CAUSE IT'S NOT THEIR MONEY.
This. Folks look at me funny when I say I don't loan money, especially to friends. It is the reason I've never had a falling out over money in friendships ever. I don't want have to chase down a low integrity mufucka. I will hammer a bama's kneecap if I think he is evading me. My friends all work and don't get into financial problems like that so I'm grateful.
I always give more than what they ask for and don’t expect it to be returned
But that’s when it comes to family
But that’s when it comes to family
I don't do loans to family or friends..if I'm gonna give it to u it's no strings attached..period .
An I'll only give what I can afford to give...
If u need 4 gs..an I have it but give u two...u can't complain u not paying it back ..
Cause I'll hate to have to split someone's wig for not paying shit back...this way keeps the peace
An I'll only give what I can afford to give...
If u need 4 gs..an I have it but give u two...u can't complain u not paying it back ..
Cause I'll hate to have to split someone's wig for not paying shit back...this way keeps the peace
This! Besides, I don't loan money to people I really rock with. I'd just give it to them. If they pay it back, cool.