There’s a lot of chatter on this subject going on in the blogosphere lately.
So… would you do it?
If a friend or family member asked to borrow some money from you, how would you handle it?
If it was $20? $200? $2000?
My thinking is that it really depends on exactly who you are giving it to.
I have a friend who burns through cash like it’s her job when we go out to drink. We both get drunk and spend more than we should, but I don’t have a family to support and she does. I also have the better job. She asked me for $20 and promised to repay me.
I gave her the cash. But I don’t ever expect it back. Even if she has the intention to give it back, I don’t think she will ever get around to it. So I considered it a gift when I decided to “lend” her that money.
If she were to ask for a more significant amount, I don’t know if I would actually lend it to her, at least without some written promise or something.
With the exception of my immediate family and a few friends, I don’t think I would ever lend out large sums of money. I hope that I never actually DO have to lend out money to my friends… I can get my immediate family to pay it back because we’re all on the same page in terms of money management.
But with friends… it could get tricky. It would ruin the relationship in most cases. One person would always be indebted to the other, even if the money way paid back in a timely fashion. It would be even worse if the money was late coming, requiring prodding and poking and reminders. Or just not getting it back at all.
I try to avoid lending things or money outside of my immediate family; but if I do decide to let someone borrow from me, I only give them what I can afford to lose. And I think that’s key.
How do you feel about the subject?
8 responses to “Would You Lend a Friend Some Money?”
I don't like lending out money. Even $5. I don't like the idea of oweing money or even being owed. Case in point – a co-worker owes me $2.50 right now and I REMEMBER. I owe my best friend $10. I want to repay her ASAP. So no. Even if my bestest friend needed money, I wouldnn't lend it. I don't like mixing money with friendships anyways.
With family though, it's different. If I "lend" money to my parents, I immediately consider it as a write-off. I don't expect them to pay it back nor will I ask for it back. Even if they do, I'd refuse it. If I lend money to my brother, I'd wait for X amount of time before I start nagging him for repayment. He makes basically 2x more than me. So I think he should definitely be paying me back.
Heh. I don't have any money to lend, but I guess it would depend on the amount, and to whom it was going. Family – no questions asked and no repayment expected, usually.
Friends? Depends on amount and who it is.
Touchy situation.
I hate lending money. I never lend money expecting to give it back. And I HATE borrowing money!! Doesn't matter who it is…family, friends, coworkers…it's not my bag at all.
I'm with Asian Pear & Amy
I never ever lend money and I hate doing it.
I hate borrowing, I hate asking because they come with strings attached and you open up your private life to people's scrutiny and criticism
I would never lend a friend money, though I would give them money. It'd have be to something I could afford and not "need" back. If they pay me back, great….if not, so be it.
I'm not a fan. I'm not against helping somebody out of a jam, but I have to consider it a gift. If they pay it back, great, but I have to write it off, because 9 times out of 10, you'll never see it again. And only if I'm not going to be screwing myself.
Money always complicates things, even between family members. If you have the money, can live without seeing it again and not let it come between you and your friend, then go for it. Consider it a gift and you won't be disappointed. Hubby has lent out money to family members and even though it gets paid back, it puts a weird strain on the relationship.
I can lend but I will definitely know the purpose of the money first before handing the cash to him/her. If it's just for a lavish night out, I will definitely declined. I'll try to educate my friends in terms of money, for the purpose of really helping their finances the same way I help myself doing my budgets. The good thing about giving them some advice is that they'll have the idea on how much you value your own money and they will have a second thought if they'll try to lend from me for unreasonable purpose.