[Editor's Note: Ever really needed that pro/con list from an unbiased third party while deciding whether or not to loan money to a friend or significant other? Bookmark this list -- you never know when you're going to need it. -Rita]
Well isn't this a touchy subject to bring up on a Friday! Lol. I'm curios to know how the readers feel about this one. Do you think it's a good idea to loan money to friends, relatives or to a boyfriend? If you do, would you loan it for short-term or long-term? Here are my thoughts on this: no. Not only no, but hell, no! But hey, that's just me. I'm a little tight-fisted when it comes to my money :) All joking aside, I think it would really depend on the situation so I don't think this can be a blanket "yes" or "no" answer.
Credit Image: Eddie~S on Flickr
- It can cause a rift in the relationship when you see the other person spending money on something stupid after you just gave them your money.
- It can become awkward; what if they don't pay you back? How will you handle that?
- If you are struggling yourself, you shouldn't loan money to other people.
- A dire emergency where it's a life or death situation -- (even I am not that heartless!).
- You don't expect to be paid back-- that way it won't become a problem if you don't get your money.
- You have a clear understanding of how quickly the loan will be repaid.
I'd love to hear what you think about this! Please leave a comment and share your experiences with loaning money to a friend or boyfriend.
Jenny Kerr is the creator of The Jenny Pincher and savings expert for the single girl. Visit The Jenny Pincher to learn more.
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