Introduction
It can be difficult to decide whether or not you are to loan or not to loan money or possessions to someone. A lot of times you can put yourself in a financial bind if you loan money to someone and they do not pay you back when you need them to. To loan money can put strain on a relationship because they may feel trapped. It takes a lot of time and consideration when you are contemplating whether or not to loan money to someone. Think about what the pros and cons are if you were to loan money to a friend or family member. If there are more pros than cons then it can be considered pretty safe to loan the money. If there are more cons then do not loan the money. It is safe to say that you should never loan money if you expect it to be paid back.
History
A loan is something expected to be paid back. Loans are usually never a good thing. If you have a loan you are not free. You are trapped by whoever you owe money to. If someone needs a loan, that means they do not have the means to pay you back. If they did then they wouldn't need the loan. In the past it is proven that loaning money to friends or family members put a lot of strain on the relationship. The person loaning the money may need that money back so they don't get in a financial bind, and unfortunately the person they loan the money to isn't able to pay it back when said because they are still financially strapped. This will most likely cause a feud and a relationship is broken and hard to repair. This is all due to money that was loaned.
Features
There are few advantages to loaning money or possessions to friends and family and many disadvantages. Often times relationships are ruined when a loan is given to someone. The friend or family member may run into more financial troubles and never be able to pay back the loan. They will then feel bad and then avoid seeing you. If you are not suffering financially and a friend or family member needs a small loan, it may be okay to loan to them especially if they are well known for paying their debt. Do not loan to someone who is known to always ask for money or who is known to not paying their debt back.
Tips and comments
- If you don't have the money to loan, then just say no.
- If you do not trust the person that is asking for money then do not loan them the money.
- If you need the money back right away, do not loan the money.
- Do not loan money to friends or family.
Remember it is better if you can just give someone money with no expectations of ever getting repaid for the loan you gave to them. This way you are not in a financial bind, relationships are not ruined, and there are no hard feelings if not paid back on time.
