Can family and friends be trusted when it comes to money?

[Fancy]

Sometimes a payment plan can work out - or a type of bartering system. If cash is too tight and not expected to be repaid, maybe that friend/family member can work off what is owed. If you can't trust the person to repay in one way or another, why loan them the money?

[Hassel99]

Family is less likely to pay you back because "its family, they wont mind"

[Bsuds]

I would think it would depend on your Family. Some will and some won't.

If they don't qualify for a loan from a financial institute what makes anyone think they can pay you back.

Don't loan money to anyone, if you want to give them some then you won't be disappointed to not get it back.

[Lady tehMa]

I would think it would depend on your Family. Some will and some won't.

If they don't qualify for a loan from a financial institute what makes anyone think they can pay you back.

Don't loan money to anyone, if you want to give them some then you won't be disappointed to not get it back.

When I was first engaged I told my folks how my car had died and I was going to get a car loan. "NO," they said "we will loan it to you, no interest!". The most expensive loan I have ever had.

After 6 months of "oh you can't afford to make a payment, next month instead", "what do you mean you ate out?" and general questioning on everything in my life, I got a loan and paid them out. It was $3000 - I ended up paying interest but in terms of sanity it cost much less.

[Silverstarqueen]

The only time you should lend is when you a) don't care if the loan is repaid or b) want to find out whether the person is reliable to pay a loan or not. In either case you may never see your money again.

IF it's a larger loan, you have to ask yourself why the bank wouldn't extend their credit. In which case your are probably looking at a gift, not a loan.

[Queen K]

And a loan quickly becomes harder to collect when the person taking the money lives in the USA and getting a lawyer and dealing with charges becomes more than the loan.

[Thinktank]

We all get along great until ..... money.

Money is like food for animals. See how nice they get along? ^ What happens when there's some food?




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Money.

[Fancy]

Bad example. Even wolves and bears have been photographed eating together.

[Frosty Tea]

I have a simple rule: don't lend, don't borrow.