wildcard451 0 #1 August 4, 2010 to a friend or family member, to you run the juice? If so, how much? Quote Share this post Link to post Share on other sites
Bolas 5 #2 August 4, 2010 Quote to a friend or family member, to you run the juice? If so, how much? No. If you want to loan them money do it at 0 interest or don't do it. Making money off friends and family is just weird.Stupidity if left untreated is self-correcting If ya can't be good, look good, if that fails, make 'em laugh. Quote Share this post Link to post Share on other sites
vdschoor 0 #3 August 4, 2010 Quote to a friend or family member, to you run the juice? If so, how much? Nope, but an IOU will be exchanged though.. Quote Share this post Link to post Share on other sites
CarrieByTheSea 0 #4 August 4, 2010 QuoteQuote to a friend or family member, to you run the juice? If so, how much? No. If you want to loan them money do it at 0 interest or don't do it. Making money off friends and family is just weird. If you want to loan a friend or family member money, do it without the expectation of ever getting it back. Otherwise--chances are--friendships and family-ties will be weathered or broken."Nature is cruel, but we don't have to be." ~ Temple Grandin Quote Share this post Link to post Share on other sites
Bolas 5 #5 August 4, 2010 Quote Quote Quote to a friend or family member, to you run the juice? If so, how much? No. If you want to loan them money do it at 0 interest or don't do it. Making money off friends and family is just weird. If you want to loan a friend or family member money, do it without the expectation of ever getting it back. Otherwise--chances are--friendships and family-ties will be weathered or broken. Great point. +1. Can I borrow $10k? Stupidity if left untreated is self-correcting If ya can't be good, look good, if that fails, make 'em laugh. Quote Share this post Link to post Share on other sites
wildcard451 0 #6 August 4, 2010 Quote Can I borrow $10k? Sure, but the vig is a point a day. I'll take jewelry as collateral. Quote Share this post Link to post Share on other sites
Squeak 17 #7 August 5, 2010 QuoteQuoteQuote If you want to loan a friend or family member money, do it without the expectation of ever getting it back. Otherwise--chances are--friendships and family-ties will be weathered or broken. That's exactly how my wife and i do it, For family and friends that we would loan money to i have no expectation of getting it back, I dont tell them that, but i am not concerend if it returns or not.You are not now, nor will you ever be, good enough to not die in this sport (Sparky) My Life ROCKS! How's yours doing? Quote Share this post Link to post Share on other sites monkycndo 0 #8 August 5, 2010 Had a family member that wanted to clear his sizable credit card debt. He offered to pay what I was making in interest. He saved a lot of $ and I didn't lose money. Worked out for both of us. A second family member still owes me for money from long ago. Never expect to get it back.50 donations so far. Give it a try. You know you want to spank it Jump an Infinity Quote Share this post Link to post Share on other sites popsjumper 2 #9 August 5, 2010 Few people play by big-boy rules these days. If you want it back, don't loan it.My reality and yours are quite different. I think we're all Bozos on this bus. Falcon5232, SCS8170, SCSA353, POPS9398, DS239 Quote Share this post Link to post Share on other sites Bolas 5 #10 August 5, 2010 While I'm against loaning to family or friends, cosigning may be acceptable in some cases. Stupidity if left untreated is self-correcting If ya can't be good, look good, if that fails, make 'em laugh. Quote Share this post Link to post Share on other sites skymama 37 #11 August 5, 2010 I've loaned a couple of friends money before. I didn't charge them any interest and I didn't give them a deadline as to when they needed to repay me. I also had no problem pestering them for repayment either.She is Da Man, and you better not mess with Da Man, because she will lay some keepdown on you faster than, well, really fast. ~Billvon Quote Share this post Link to post Share on other sites squirrel 0 #12 August 5, 2010 the one that worked out the best...yes, we are still great friends...went like this. "hey, i need to ask you for some $" "ok,straight up, since i am your friend, and want to always be. if this goes bad past this date, i will take those two seadoos off your hands" "ok, deal" time passes. "so, when can i pick up the seadoos? "today" "no worries mate, they are still yours when the note is paid" and, we are great friends today. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites castrodavidd 0 #13 August 5, 2010 I was taught from my grandfather never lend family or a friend money if it will ruin the relationship if they can't pay you back. That being said my grandfather loaned me $235,000.00 Quote Share this post Link to post Share on other sites LuckyMcSwervy 0 #14 August 8, 2010 I used to write on the memo line of the check (always a check, never cash transactions) "Gift". I knew if I loaned money I was never getting it back so I think the gift aspect just took the pressure off. But.... what about when they keep coming back for more "gifts"??? I was asked to loan a substantial amount of money very recently and I said no to the person because it wasn't the first time they asked me for money. The thing is, after I told them no I haven't heard from them. I've called and no answer, no return call. I think they're pissed at me because I wouldn't save them again. I heard from a third person they said I don't have any responsibilities since my Dad died so I was just being a tightwad. Always be kinder than you feel. Quote Share this post Link to post Share on other sites SarahC07 0 #15 August 8, 2010 I totaled my truck shortly after graduating college, and I had very little credit and literally no cash in savings. My dad, being the great dad that he is, paid for my replacement vehicle (2007 Mazda 3) in cash. Instead of giving me the car for free (as a gift), my dad acted as a lender and I was required to make monthly 'car payments' to my dad. Now, my dad was not concerned about making a return on his investment - he was more concerned with making the transaction similar to what I would experience in the real world. However, the interest rate charged on the loan was substantially below what the dealership would have offered (due to my lack of credit). I should also mention that I was required to convince my dad that purchasing a Mazda 3 was a sound decision. I had to prove to him that I had done my research and shopped around. I guess my point here is that giving LARGE cash gifts to ANYONE is just not how the real world (generally) works. There is no such thing as a free lunch, so yes - charge interest but be fair about it 'because they're family'. Quote Share this post Link to post Share on other sites Bolas 5 #16 August 8, 2010 Totally disagree. If you want to help someone, cosign so they can build their credit. Just don't put yourself in a situation where if they default you can't take over or you'll get your credit hosed too. Then again, anyone that defaults on a loan another cosigned... Stupidity if left untreated is self-correcting If ya can't be good, look good, if that fails, make 'em laugh. Quote Share this post Link to post Share on other sites Join the conversation You can post now and register later. If you have an account, sign in now to post with your account. Note: Your post will require moderator approval before it will be visible. Reply to this topic... × Pasted as rich text. Paste as plain text instead Only 75 emoji are allowed. × Your link has been automatically embedded. Display as a link instead × Your previous content has been restored. Clear editor × You cannot paste images directly. Upload or insert images from URL. Insert image from URL × Desktop Tablet Phone Submit Reply 0 Go To Topic Listing
monkycndo 0 #8 August 5, 2010 Had a family member that wanted to clear his sizable credit card debt. He offered to pay what I was making in interest. He saved a lot of $ and I didn't lose money. Worked out for both of us. A second family member still owes me for money from long ago. Never expect to get it back.50 donations so far. Give it a try. You know you want to spank it Jump an Infinity Quote Share this post Link to post Share on other sites
popsjumper 2 #9 August 5, 2010 Few people play by big-boy rules these days. If you want it back, don't loan it.My reality and yours are quite different. I think we're all Bozos on this bus. Falcon5232, SCS8170, SCSA353, POPS9398, DS239 Quote Share this post Link to post Share on other sites
Bolas 5 #10 August 5, 2010 While I'm against loaning to family or friends, cosigning may be acceptable in some cases. Stupidity if left untreated is self-correcting If ya can't be good, look good, if that fails, make 'em laugh. Quote Share this post Link to post Share on other sites
skymama 37 #11 August 5, 2010 I've loaned a couple of friends money before. I didn't charge them any interest and I didn't give them a deadline as to when they needed to repay me. I also had no problem pestering them for repayment either.She is Da Man, and you better not mess with Da Man, because she will lay some keepdown on you faster than, well, really fast. ~Billvon Quote Share this post Link to post Share on other sites
squirrel 0 #12 August 5, 2010 the one that worked out the best...yes, we are still great friends...went like this. "hey, i need to ask you for some $" "ok,straight up, since i am your friend, and want to always be. if this goes bad past this date, i will take those two seadoos off your hands" "ok, deal" time passes. "so, when can i pick up the seadoos? "today" "no worries mate, they are still yours when the note is paid" and, we are great friends today. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
castrodavidd 0 #13 August 5, 2010 I was taught from my grandfather never lend family or a friend money if it will ruin the relationship if they can't pay you back. That being said my grandfather loaned me $235,000.00 Quote Share this post Link to post Share on other sites
LuckyMcSwervy 0 #14 August 8, 2010 I used to write on the memo line of the check (always a check, never cash transactions) "Gift". I knew if I loaned money I was never getting it back so I think the gift aspect just took the pressure off. But.... what about when they keep coming back for more "gifts"??? I was asked to loan a substantial amount of money very recently and I said no to the person because it wasn't the first time they asked me for money. The thing is, after I told them no I haven't heard from them. I've called and no answer, no return call. I think they're pissed at me because I wouldn't save them again. I heard from a third person they said I don't have any responsibilities since my Dad died so I was just being a tightwad. Always be kinder than you feel. Quote Share this post Link to post Share on other sites
SarahC07 0 #15 August 8, 2010 I totaled my truck shortly after graduating college, and I had very little credit and literally no cash in savings. My dad, being the great dad that he is, paid for my replacement vehicle (2007 Mazda 3) in cash. Instead of giving me the car for free (as a gift), my dad acted as a lender and I was required to make monthly 'car payments' to my dad. Now, my dad was not concerned about making a return on his investment - he was more concerned with making the transaction similar to what I would experience in the real world. However, the interest rate charged on the loan was substantially below what the dealership would have offered (due to my lack of credit). I should also mention that I was required to convince my dad that purchasing a Mazda 3 was a sound decision. I had to prove to him that I had done my research and shopped around. I guess my point here is that giving LARGE cash gifts to ANYONE is just not how the real world (generally) works. There is no such thing as a free lunch, so yes - charge interest but be fair about it 'because they're family'. Quote Share this post Link to post Share on other sites
Bolas 5 #16 August 8, 2010 Totally disagree. If you want to help someone, cosign so they can build their credit. Just don't put yourself in a situation where if they default you can't take over or you'll get your credit hosed too. Then again, anyone that defaults on a loan another cosigned... Stupidity if left untreated is self-correcting If ya can't be good, look good, if that fails, make 'em laugh. Quote Share this post Link to post Share on other sites
