At some point on your life you have borrowed money from a friend and have also lent money out. Lending to or borrowing money from friends is not a good idea. Below are a few points supporting this statement.

1) Terms for a loan to a friend will likely either be tightfisted or unwisely generous. Each friend is going to view themselves as a candidate for sub-prime.

2) As soon as word gets out that you leant one friend money, expect your other friends to start lining up to borrow from you.

3) No matter if the loan is paid back promptly and in full, your view of that friend is likely going to be be different for the life your friendship. Whenever you see that person, you are going to hear a loud vacuum sound...the sound of them sucking money out of your pockets.

4) Any belief you had that your friendship is based on mutual respect will be out the door and you will start to question if his nature is that of a snake-oil salesman.

5) You are likely going to learn something unfortunate about your friend that you were previously unaware of...like he/she has a gambling problem or maybe they are addicted to drugs.

6) Your friend will either be resenting you as a result of the debt they owe and the favor you did by lending to them
7) or they will forever trying to return that favor.

8) Friendships come and go but if their is a debt tying you together, you are like a divorced couple with kids. Meaning, even though you are no longer friends, you still are going to be forced to have a relationship until the debt is paid off.

9) You turn into an enabler of any reckless activity and choices made with use of the money you lend. Yes, you assisted in paying for the sport bike that was used to become an accordion after slamming into a tree.

10) Every instance you decide not to purchase something as a result of not being able to afford it, you will remember that cash that you loaned to your buddy.

There are many reasons why you shouldn't lend money to friends. If you have some more that you would like to share, please contact us. Of course, there are counterbalancing reasons to lend money. You will know what those are if that relates to your situation.

Lending to a Friend? Lookout!
How to Ask a Friend to Pay You Back
Peer to Peer Lending
Helping Without Giving Money/Loans

Family Loans
Borrowing from Family
Promissory Note
Lending Money to Family
How to Say No
Safe Ways to Loan Money to Your Family





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