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I'm not in a position to loan a large sum of money to family/friends, but I have given $100 here and there. I never expect to get it back. There's been a time or two when I was in need, so it goes both ways in my family.
When it comes to money, if I can't afford to give it to the person I figure I can't afford to loan it to them either. If someone doesn't pay me back money after promising they will, I simply don't lend them money the next time. Since it was money I could afford to lose I don't get upset if I don't get it back.
With the times the way they are a lot of us are asked by family and friends for loans. The loans can range from large to small. It appears the I will pay you Friday usually does not happen and how if someone is in need of money can they borrow and plan to pay back if they dont have it in the first place, it appears like the domino effect.
So with family and friends how do you do loans when asked? Large loans or small loans? Do you just give the 20, 30, 40 dollar loan and not ask for repayment?
Whenever you lend money to either family or friends it pays to do it the right way. The parties sign a simple promissory note. The promissory note might say something along these lines:
"I *** have received from **** the sum of $*** on this date. Repayment is as follows .. monthly, weekly.
There's no way that you should continue to do what you've been doing when you're own livelihood is at stake. The kids should have learned to fend for themselves and why would you even think about bailing out friends?
I'd lend money only if you'd like to get rid of them. if you like them tho and value their company, just give it to them and tell them it is a gift. I had a best friend that was so predictable that i'd always know why she was calling and would make up sob stories to hit her with before she could even say anything and finally she stopped calling. I suggest having your own tales of woe prepared before they can ask, if you aren't bill gates.
I would always help my kids and SO out however when it comes to other family and friends; I have a specific few whom I know are good for repayment, the rest I would never loan it. I figure one good deed deserves another, if I'm nice enough to help someone out, then when / if I need help, they will be there for me.
Though Im not really in a position to do large sums, Im always there for my grandkids when needed. One of my daughters (in Az) is married to a low-life form of a husband who has no interest in so much as pursuing a better paying job, nor will he go in when they need him on a day off (he works a liquor store) sometimes the kids' needs come before even she gets paid, so I make sure they dont do without. When it comes to clothes though, I order from a private party in Ebay and have it sent to her house so he cant take it back and exchange for cigarettes or cases of Dr Pepper. Yes, thats how low-life he is. Im always there for my kids when possible.
I don't loan money to anyone aside from family, although I've never been asked. My friend borrowed $2,000 once from another friend. It took him an extra 6 months to pay him back and he never really gave the guy any indication he was going to pay up. The friend that lent the money was ready to murder him.
If you can't afford to give the money as a gift, you can't afford them defaulting on the loan either.
It's better to give the money and be surprised when you get it back, than to loan it and be disappointed when you don't.
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