Apr 6th, 2008
Lending Money to friends
I have lent probably 10 friends money in my life. Of those I have had 8 pay me back. Thats not necessarily a terrible ratio, and currently all of them over $100 have paid me back except one and I think he does intend to pay me back. The problem is you never know quite when you will get burned so there are a few things to take into consideration before you lend to a friend or family member and a few guidelines to follow while doing so.
Questions:
1) Do I really believe they will pay me back?
2) How badly do they need it and am I the last resort
3) Is it even remotely possible I could lose contact with this person?
If you decide after thinking about those two things that you yes you should lend them money then its time to think about a few guidelines:
1) Give them a time frame to pay you back - dont get taken advantage of
2) Write it down - dont forget about it
