Loaning Money To Friends

[Lefty-Golfer]

money lent to friend should be considered a gift that may be paid back...you will most likley be disappointed if you appraoch it as anything less. if you don't mind giving it as a gift have it. i have lent as much as 5k to friend with no payback.

5,10 100 bucks isn't loan and shouldn't ever be brought back up if not paid back. IMO

[Valleygolfer]

exactly what i did. friend of mine asked me to invest a few thousand on a business venture a couple years ago. having been part of startups and my own business, he thought i'd understand what its like to start a business.

I weould do the same with weight loss. I used stay fairly lean and people would constantly ask for help with there diet. Often you could tell them stuff but it would they would not follow through. I would ask them to write down everything they eat for two weeks and then I could set them up. I would know they werte serious if they did it. I never got one list ever.

[Shorty]

If a person doesn't have 2K now or 5k now, why would they have it in 1 year's time or even 5 years' time? That's how department stores' finace companies with interest free nothing to pay for 48 months or whatever make their money. They know that they'll get the huge interest because people don't save.

[Uber$winG]

Polonius said it best:

Neither a borrower nor a lender be,
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.

[rogerw]

Bad, bad, bad, bad, bad idea. There is never anything good that comes from this. Probably more friendships are destroyed by money lending than any other thing I can think of.

[ks8829]

He borrowed from someone else and we are still playing golf every week.

[Uncle Lau]

Sensitive subject everyone ! If someone ask me for money for whatever reason...if it a closed golf buddy, i try to pass him half the amount the ask. I will NOT bother to ask him back as my budget is around US500. If he don't return, he is only worth the amount he borrow from me.

[ET-Taylor]

Isnt bad lending the reason why the world is in the financial state it is in today

[Uncle Lau]

Bro ET-Taylor, i agreed with you...but there is a saying...Money Make The world Go Round !

[sean_miller]

Isnt bad lending the reason why the world is in the financial state it is in today

Greed, impatience, overpopulation, etc.

[srjorion]

I had my brother in law ask to borrow $5,000 about 5 years ago for his business. My wife and I loan him the money and he has not even once attempted to pay me back. He goes on vacations and buy golf equipment.

I had the smae thing happen to me. My wife gave her brother a bunch of money because he was whining about not having enough and then he went on a big golf vacation. I will never, ever feel bad about spending money on golf for myself after that. I figure if she thinks we have enough to give away then there is plenty enough for me to spend when I want.

The guy is a financial planner too. Go figure.

[Valleygolfer]

I had the smae thing happen to me. My wife gave her brother a bunch of money because he was whining about not having enough and then he went on a big golf vacation. I will never, ever feel bad about spending money on golf for myself after that. I figure if she thinks we have enough to give away then there is plenty enough for me to spend when I want.

Sounds like the best money you have ever spent!

[Fat Slice]

Sounds like the best money you have ever spent!

No kidding, sometimes you have to work strategically. By the way, he seems like an *excellent* financial planner if he wrangled a free golf vacation!

[SouthernILGolfer]

ive got a friend that owes me money, he finally started paying me back with monthly payments though its going to take a while. Ill never loan anyone money again, anything more than $100 that is. $100 or less is so small an amount that it doesnt really count though if I did they would have to pay me back before I even loaned that much. Had another friend buy a truck from me and still owes some on it, not sure Ill ever get all that money either. I very seldom come into contact with either of these people anymore. Be vary wary of a friend who wants to use your credit as well as when push comes to shove and they dont want to pay, you're left holding the bag.

[DanP]

I loaned  a few thousand to a good friend of mine from high school a few years back.  No paperwork or formality at all.  Not only that, this guy was having marital problems and had multiple DUIs.  I was very stressed but felt I had to do it.  Ultimately he paid me back faster than I expected and I'm very glad I was able to help him through a tough time.  I was prepared to lose the money though.

[Blades4me]

If you do loan your friend money, have him sign a note for the loan with how much monthly payments are and what will happen if he fails to pay on time or defers on the loan.

On a liter note, "If you loan someone twenty dollars and you never see them again, then it was a good investment".

[Malvern]

The Chinese have rung, they want their money back

[Kieran123]

Depends on what classes as a friend, I have loaned money, and have borrowed money.....if you know they're actually your friend, they will pay you back, and if you are truly their friend, you will pay them back. I borrowed $2400 from a good friend ( girlfriends sisters boyfriend ) to go on a family vacation that I wasn't planning on going on, and paid him back within 2 months.

I have lent $3000 to a friend, who paid me back just as fast.

Depends on the friend