Lending Money to Friends and Family

[hastral45]

When it comes to lending money to friends and family, I don't do it. Any money I cannot freely grant, I don't borrow. Money is the root of all evil. To repay back would be problem.

 

[Hate2Wait]

We should not lend money to others that we know but they are not family or friends but if we are helping then the case is different

 

[SHAHID987]

I assess their situation as if they are asking money and on the other side they are busy in purchasing luxury items then I preferred not to give any.

 

[Niyi Briggs]

It most times always ends in tears. It is better to give family than to borrow family.

 

[AmazingJob]

When it comes to lending money to friends and family, I don't do it. Any money I cannot freely grant, I don't borrow. Money is the root of all evil. To repay back would be problem.

I understand. We have different perspective about lending money. However, I don't agree with the saying "Money is the root of all evil". Does it mean we are evil because we are here for money?

I believe the correct term is the "love" of money is the root of all evil.

We all need money but loving money is different from needing it.

 

[LoukiaCharilaou]

I would lend money to my friends and family because I love them and of course, I would never ask the money back.

 

[cherry123]

I don't give loan to my friends and relatives because it will lend to misunderstanding. I prefer to give them as a gift. If they return the money, I will thank GOD. If they don't, I will not bother.

You just mirrored my thoughts. I dash out what I can not borrowing they hardly want to return it.

 

[AmazingJob]

Why it is so difficult for friends or family members to return what they have borrowed? Or don't give importance to what they have borrowed.

 

[Magnus2022]

You just mirrored my thoughts. I dash out what I can not borrowing they hardly want to return it.

I don't know the reason why it is like that. Relatives takes everything for granted even money you borrow them. Life is a strange thing.

 

[hastral45]

I would lend money to my friends and family because I love them and of course, I would never ask the money back.

That is not lend but grant. There is a difference between grants and lend. What your friends might be asking for may probably what you can afford to grant.

 

[LoukiaCharilaou]

That is not lend but grant. There is a difference between grants and lend. What your friends might be asking for may probably what you can afford to grant.

You are right. In any case, I like giving. It makes me happy.

 

[Starmix]

Have you heard about lending money or loan?

Have you heard from friends or family borrowing money from you?

Is it okay to lend them money in the first place? It is okay to lend them money out of your budget? Most of the time when a friend or a family member goes up to you and ask for loan, it is automatic for us to give - (provided that we have extra for them) - out of compassion.

Sometimes we don't want to see them having to deal with their money situation. So we allow them to borrow. And out of goodwill most of the time we don't ask them to return it back right away. We give them time.

We should not become very lenient to them. It is not teaching them to make money for themselves or to spend what they can only afford. Teach them to fish and they will live.

Before lending them money make sure that it will not hurt your own budget. Do not expect it will be retuned immediately. Friends and family always have alibis.

My brother borrowed 38,000 pesos and until now payment pending. It's almost 11 years, so I moved on and forgot about it. Many borrowed money from me even my ex. I'm a fool hehehe.

 

[AmazingJob]

My brother borrowed 38,000 pesos and until now payment pending. It's almost 11 years, so I moved on and forgot about it. Many borrowed money from me even my ex. I'm a fool hehehe.

So it is really not okay to be so kind all the time. I know you have learned your lesson.

 

[iyanpol12]

You should have an agreement with them. If they will just borrow, they should pay you on the promised date. If they'll borrow with interest, so be it. You should have an agreement and sign it.

 

[cherry123]

it is good to lend money but should not become very lenient to them. It is better to teach them also how to make money for themselves not to live off you all the time

 

[Starmix]

There are abusive people. Some of them don't bother themselves to pay their debt. If by chance decide to pay it will be after some months and even years. They may may borrow and ignore us once but not forever.

 

[Bisolami]

it is good to lend money but should not become very lenient to them. It is better to teach them also how to make money for themselves not to live off you all the time

I even have a girl who lend my money to but I want to stop it because it is becoming too much

 

[Shavkat]

I don't give loan to my friends and relatives because it will lend to misunderstanding. I prefer to give them as a gift. If they return the money, I will thank GOD. If they don't, I will not bother.

It happened to some of my relatives and friends. They forgot having some loans from me. Since then, I considered a big lesson not to lend any of friends or relatives as much as possible. They can lead to serious misunderstanding that can hurt both parties.

 

[Starmix]

When I was a new employee was tempted to start a new business. Since my capital was not enough, so I borrowed money to my best friend. He refused me and I was hurt. It's my brother who lent me 50, 000 pesos and my business succeeded. I bought a lot and sell it to a foreigner. I gained triple. Therefore borrowing money for a good intention is not bad.

 

[Niyi Briggs]

There are some things that I value so much and one of them is family. That's the reason I avoid lending money to family. If I don't have spare money, I don't give them. It is better to be stingy than to be seen as dragging your family because of money.