Home › Forums › Financial Markets/Economics › A close friend/relative wants to borrow money. What do you do?
- This topic has 205 replies, 33 voices, and was last updated 13 years, 7 months ago by danielwis.
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April 15, 2008 at 1:02 PM #12441April 15, 2008 at 1:11 PM #187639scaredyclassicParticipant
it’s OK to loan money, so long as you expect to get none of it back and that won’t bother the lender. If you expect repayment and will be the least bit of disturbed if there’s any problem in repayment, bad idea….
Drink Heavily.
April 15, 2008 at 1:11 PM #187661scaredyclassicParticipantit’s OK to loan money, so long as you expect to get none of it back and that won’t bother the lender. If you expect repayment and will be the least bit of disturbed if there’s any problem in repayment, bad idea….
Drink Heavily.
April 15, 2008 at 1:11 PM #187691scaredyclassicParticipantit’s OK to loan money, so long as you expect to get none of it back and that won’t bother the lender. If you expect repayment and will be the least bit of disturbed if there’s any problem in repayment, bad idea….
Drink Heavily.
April 15, 2008 at 1:11 PM #187701scaredyclassicParticipantit’s OK to loan money, so long as you expect to get none of it back and that won’t bother the lender. If you expect repayment and will be the least bit of disturbed if there’s any problem in repayment, bad idea….
Drink Heavily.
April 15, 2008 at 1:11 PM #187707scaredyclassicParticipantit’s OK to loan money, so long as you expect to get none of it back and that won’t bother the lender. If you expect repayment and will be the least bit of disturbed if there’s any problem in repayment, bad idea….
Drink Heavily.
April 15, 2008 at 1:51 PM #187654DWCAPParticipantI would tell them that family and money dont mix well. If they dont need the money, maybe a gift or something would be better. I know that sounds crazy, but a interest free loan for “a few months” is basically that, a gift.
Also, I am an ass, but shouldnt these people have $$$ incase of emergencies like this? Ok so they need to refi cause the loan adjusted. They should have 6 months of cash sitting around to live off till they get the correct adjustment. If they dont, or they waited till it was all gone like an idiot, then it is alot more risky than they let on. Refi’s shouldnt take “a few months”, especially if things are really ok and there will be “plenty of money”.
I guess all this rambling is to say that I have a feeling that someone isnt being honest with either themselves or their family. They prob want to do a cash out refi to a new teaser rate to keep the party going for another 2 year stretch. Sounds like disaster to me.
April 15, 2008 at 1:51 PM #187675DWCAPParticipantI would tell them that family and money dont mix well. If they dont need the money, maybe a gift or something would be better. I know that sounds crazy, but a interest free loan for “a few months” is basically that, a gift.
Also, I am an ass, but shouldnt these people have $$$ incase of emergencies like this? Ok so they need to refi cause the loan adjusted. They should have 6 months of cash sitting around to live off till they get the correct adjustment. If they dont, or they waited till it was all gone like an idiot, then it is alot more risky than they let on. Refi’s shouldnt take “a few months”, especially if things are really ok and there will be “plenty of money”.
I guess all this rambling is to say that I have a feeling that someone isnt being honest with either themselves or their family. They prob want to do a cash out refi to a new teaser rate to keep the party going for another 2 year stretch. Sounds like disaster to me.
April 15, 2008 at 1:51 PM #187704DWCAPParticipantI would tell them that family and money dont mix well. If they dont need the money, maybe a gift or something would be better. I know that sounds crazy, but a interest free loan for “a few months” is basically that, a gift.
Also, I am an ass, but shouldnt these people have $$$ incase of emergencies like this? Ok so they need to refi cause the loan adjusted. They should have 6 months of cash sitting around to live off till they get the correct adjustment. If they dont, or they waited till it was all gone like an idiot, then it is alot more risky than they let on. Refi’s shouldnt take “a few months”, especially if things are really ok and there will be “plenty of money”.
I guess all this rambling is to say that I have a feeling that someone isnt being honest with either themselves or their family. They prob want to do a cash out refi to a new teaser rate to keep the party going for another 2 year stretch. Sounds like disaster to me.
April 15, 2008 at 1:51 PM #187714DWCAPParticipantI would tell them that family and money dont mix well. If they dont need the money, maybe a gift or something would be better. I know that sounds crazy, but a interest free loan for “a few months” is basically that, a gift.
Also, I am an ass, but shouldnt these people have $$$ incase of emergencies like this? Ok so they need to refi cause the loan adjusted. They should have 6 months of cash sitting around to live off till they get the correct adjustment. If they dont, or they waited till it was all gone like an idiot, then it is alot more risky than they let on. Refi’s shouldnt take “a few months”, especially if things are really ok and there will be “plenty of money”.
I guess all this rambling is to say that I have a feeling that someone isnt being honest with either themselves or their family. They prob want to do a cash out refi to a new teaser rate to keep the party going for another 2 year stretch. Sounds like disaster to me.
April 15, 2008 at 1:51 PM #187721DWCAPParticipantI would tell them that family and money dont mix well. If they dont need the money, maybe a gift or something would be better. I know that sounds crazy, but a interest free loan for “a few months” is basically that, a gift.
Also, I am an ass, but shouldnt these people have $$$ incase of emergencies like this? Ok so they need to refi cause the loan adjusted. They should have 6 months of cash sitting around to live off till they get the correct adjustment. If they dont, or they waited till it was all gone like an idiot, then it is alot more risky than they let on. Refi’s shouldnt take “a few months”, especially if things are really ok and there will be “plenty of money”.
I guess all this rambling is to say that I have a feeling that someone isnt being honest with either themselves or their family. They prob want to do a cash out refi to a new teaser rate to keep the party going for another 2 year stretch. Sounds like disaster to me.
April 15, 2008 at 1:52 PM #187650Ex-SDParticipantBeen there…………….done that. publicdefender hit the nail on the head. It’s o.k. to loan the money as long as you understand that most people will NOT pay you back. We live in a different world/times than the one I grew up in. It used to be that your word was your bond and the deadbeats were not so numerous.
p.s.
If you decide to loan the money, it will greatly benefit you to have an attorney (if it’s a large enough sum that you’re loaning) draw up a promissory note and add the cost for the lawyer to the amount that is to be repaid. If they don’t pay and you decide to pursue the matter, that document will greatly enable you to get a judgement.April 15, 2008 at 1:52 PM #187669Ex-SDParticipantBeen there…………….done that. publicdefender hit the nail on the head. It’s o.k. to loan the money as long as you understand that most people will NOT pay you back. We live in a different world/times than the one I grew up in. It used to be that your word was your bond and the deadbeats were not so numerous.
p.s.
If you decide to loan the money, it will greatly benefit you to have an attorney (if it’s a large enough sum that you’re loaning) draw up a promissory note and add the cost for the lawyer to the amount that is to be repaid. If they don’t pay and you decide to pursue the matter, that document will greatly enable you to get a judgement.April 15, 2008 at 1:52 PM #187700Ex-SDParticipantBeen there…………….done that. publicdefender hit the nail on the head. It’s o.k. to loan the money as long as you understand that most people will NOT pay you back. We live in a different world/times than the one I grew up in. It used to be that your word was your bond and the deadbeats were not so numerous.
p.s.
If you decide to loan the money, it will greatly benefit you to have an attorney (if it’s a large enough sum that you’re loaning) draw up a promissory note and add the cost for the lawyer to the amount that is to be repaid. If they don’t pay and you decide to pursue the matter, that document will greatly enable you to get a judgement.April 15, 2008 at 1:52 PM #187710Ex-SDParticipantBeen there…………….done that. publicdefender hit the nail on the head. It’s o.k. to loan the money as long as you understand that most people will NOT pay you back. We live in a different world/times than the one I grew up in. It used to be that your word was your bond and the deadbeats were not so numerous.
p.s.
If you decide to loan the money, it will greatly benefit you to have an attorney (if it’s a large enough sum that you’re loaning) draw up a promissory note and add the cost for the lawyer to the amount that is to be repaid. If they don’t pay and you decide to pursue the matter, that document will greatly enable you to get a judgement. -
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