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Showing posts from October, 2019

My friend wants to borrow some money, what do I do?

How to loan some money without losing a friend.

First, are you sure it’s not a gift? If your friend doesn’t have the income to support their regular bills plus the payments on your loan, you might end up unwittingly giving them your money.If your friend might have an interruption to their income, your loan is probably the last thing on their priority list.
Is this person a friend you want to hang out with from time to time? Once you’ve loaned out your money, the debt is going to hang over your relationship until it is repaid.If there are problems during repayment, or you have to take steps to ensure collection on your loan, your friendship will probably never be the same again.
Are you headed down a slippery slope? Once you fund your friend with cash, are they going to come back and ask for more.You might become their new favorite bank if they can make withdrawals from you.Are they going to tell your other friends?Will they spur the great exodus of friends from your life as you end u…