People trying to borrow

B

BRB_fapping

Banned
May 28, 2011
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How do you handle people that want to borrow money?
Sometimes it can be close relatives or good friends, and I know myself
how hard it can be to have financial problems.
If you don't give then you are a greedy bastard and if you do you are a tool..
wat do?
 


Money and blood don't mix like two dicks and no bitch, find yourself in serious shit....

If I have it, and if the situation/relationship warrants it, I simply give - however not too often. Borrowing to friends and family is a disaster waiting to happen, especially if it's a recurring thing.
 
yeah I've been through this quite a bit with a family member and it's ALWAYS a pain in the ass.

...and also what Jacksonian said, don't talk about how much money you make or how much you have. Some people hear that shit, and think you OWE it to them if they need it; and then they wonder why you're getting pissed off when they're 3 months late paying you back.
 
never invite them over to your place. don't use any flashy things in front of them, wear and drive like their standard if you have to meet them.

i hate relatives.
 
The best rule of thumb is ancient: "Neither A Borrower Nor A Lender Be"...

But I get asked for loans from friends and family from time to time, and when I do, I just make it very clear that I am a businessman, and like ANY business, I never make an investment without a clearly written agreement and the expectation of a reasonable ROI.

If they are OK with that, and the deal is workable, I write a promissory note and give them the cash. If they get pissy about the terms, I just walk away.

I mean, if my old man needed a couple hondo to make the gas bill, I'm not gonna get all formal and shit on him, but I've had pals with atrocious credit approach me for 5K to start a business that they couldn't get from a bank in a million years, and expect it interest free for a term of "whenever", and I'm like... LULZ.

Oh, and @Jacksonian & Dreamache- absolutely... Brag about your monies at your peril. The mooches will come outta the fuckin woodwork ;)
 
My wife is having a hard time paying for the house, car, and food for the kids - but I hear that I should never give money to family.

I gave her money last month to pay those things, and she didn't pay me back. The kids are always spending my money and they refuse to work in a sweat shop making shirts for the chinese until they pay me back.

I swear - damn deadbeats.

On a serious note - here is why you should loan people crap. Even if you don't expect it back.

I had a GOOD buddy many years ago (we were actually roommates for 5 years through part of college and after). He ended up hooked on painkillers and escalated to oxy and apparently heroin.

But I didn't have a clue.

He comes to me and says "my work truck was broken into and insurance won't cover the tools". I say - well I don't do that stuff anymore, you can borrow my tools and just give them back as you replace them.

A week later - someone 'broke' into his van again and stole all my tools (about 5k worth).

Damn that's odd. But shit happens.

He's about to lose his job, so I give him a few k to get set back up. He's never lied to me before.

A week later he is in jail for stealing other peoples credit cards on going shopping and then pawning shit. This is where we find out he's got a problem....

He gets like probabation or something stupid and had to go stay at a half way house/ drug whatever.

9 months go by. He's apparently clean. Apparently on a weekend pass at some point he got some girlfriend preggers. He's got no car, no one wants to hire him, and he's got a kid popping out in 2 months.

I figure what the hell - I can help. I've got this car I'm about to donate, and I've got a lot of kid crap we don't need.

I give him the junker.

I give him the baby crap.

He runs around in junker getting tickets that go in my name (took me forever to get them all gone because DMV never changed the registration from me to him - so hours and hours wasted on my part).

2 months later my wife goes "I'm pregnant again".

That's why you don't lend shit either. I hear he's clean, but I'm just not intersted in the drama - so I lost my tools, few k, car, baby crap, and my best friend.


I DO RECOMMEND THAT YOU LOAN THE NEIGHBORS MONEY - THEN YOU NEVER HAVE TO SEE THEM AGAIN :)
 
galacon said:
I just make it very clear that I am a businessman, and like ANY business, I never make an investment without a clearly written agreement and the expectation of a reasonable ROI.
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And what do you do when they won't fulfill the agreement? Getting a lawyer and sue them and getting your cousins car distrained, srsly? ;)
(btw I guess that's a 'high risk investment' and when the bank doesn't loan them something they probably have a good reason)
 
BRB_fapping said:
And what do you do when they won't fulfill the agreement? Getting a lawyer and sue them and getting your cousins car distrained, srsly? ;)
(btw I guess that's a 'high risk investment' and when the bank doesn't loan them something they probably have a good reason)
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Lol @ distrained. Put your thesaurus away mate- I don't recall mentioning collateral, and I wouldn't want property anyways unless it was part of the agreement.

Here's what I'm talking about, and what MY experience has been... The act of formalizing the deal has a powerful psychological impact. It puts them on notice that you expect the deal to be handled correctly, and it usually ensures a hassle free transaction.

Not always, but it deffo helps to be up front with your expectations, even if you never actually enforce it. I've never had to, but I've always been able to collect without a lot of trouble because I've had that "stick", you savvy?
 
If you have to make a written agreement to lend a friend/family money, that's probably a sign you shouldn't bother lending them anything.

It all comes down to trust. I will only loan money to a handful of people I know will pay me back. When you know their finances, their earning power, and how honourable they are, I see know reason not to.
 
Loaning money to anyone is a pain in the ass. First, if they need to borrow money, they can go to the bank. If they can't get a loan from a bank, then they probably aren't going to pay you back. Second, I've never asked anyone but my parents for some money and I've always paid on time, they shouldn't have to ask anyone else either.

I would only consider giving someone a loan, if I truly believe they have integrity and really do need the money.
 
galacon said:
The best rule of thumb is ancient: "Neither A Borrower Nor A Lender Be"...

But I get asked for loans from friends and family from time to time, and when I do, I just make it very clear that I am a businessman, and like ANY business, I never make an investment without a clearly written agreement and the expectation of a reasonable ROI.
Click to expand...

This, I don't give loans -- I make investments. Pretty much everyone around me knows this. "Lending" is the one sure-fire way you can burn relationships, I've told countless people that.
 
I am not a bank.

Never borrow or lend money to friends and family. It will likely change your relationship with them - for the worse. ("Hey why did they go out and buy that that, they haven't paid ME back yet" or "Crap, I can't go to his birthday party because I owe him money, it'll be awkward")

If you have the extra cash, you can just give it to them. But even then you're probably not doing them any favors. Find another way to help them.

I tell people "Sorry, I've had bad experiences borrowing/lending to friends and family so I try not to do it anymore. But can I help in some other way?"
 
Whenever my friends ask me to use my paypal or debit card to buy online items for them, I just tell them I ran out of money.

It's as simple as that. If they try calling you out "Stop lying i know you have money" just say "stfu faggot go make your own money"
 
ChrisS said:
I am not a bank.

Never borrow or lend money to friends and family. It will likely change your relationship with them - for the worse. ("Hey why did they go out and buy that that, they haven't paid ME back yet" or "Crap, I can't go to his birthday party because I owe him money, it'll be awkward")

If you have the extra cash, you can just give it to them. But even then you're probably not doing them any favors. Find another way to help them.

I tell people "Sorry, I've had bad experiences borrowing/lending to friends and family so I try not to do it anymore. But can I help in some other way?"
Click to expand...

THIS ^^

Sometimes I help to the guys whom I faith. While giving them I take two things in to consideration:-
1. Just treat it as Karma so even if I lose I don't care.
2. Don't offer them bigger amount where you need to care if your friend fails to repay.

Helping is nice and if someone is needy and is our friend we should try to help them. Few months back my car driver (part time/occasional) came to me and asked me that his father is serious and he needs money to get him hospitalize. So in this situation I can't really deny so I helped him.
 
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