I personally don't loan anyone money for any reason period but I'm happy to help in other ways. I've just seen people I did lend money to doing things that I thought were foolish with it after and I don't like feeling that way.
I’m going to be really blunt about this: if you can’t hurt the person you’re lending to, don’t do it.
God is an iron.
A day or two after I read this thread, I was asked by an acquaintance to lend money. With this thread fresh in my mind, I asked "how much?". He said he needed $500
Told him that I would hand him the cash, but he had to hand over a particular rifle, and said that I would give the rifle back (unused) when I got my money back. He pointed out that the rifle is worth at least $1,500 and I agreed it's worth that.
Outcome: the rifle is not in my possession, but my $500 is. Guess he doesn't trust me that much lol
PS - A felon commits a felony. A glutton engages in gluttony. Ergo, God is an iron.
@Jubal You basically described the business plan of a pawn shop.
@TheFunCartel well, the difference is that I wasn't going to charge any interest for the timeframe involved. Pawn shops charge incredibly high interest rates (yes, they have to make a profit after all)
I can't stand when people who work the same job I do constantly ask for money for frivolous nonsense. I would ask for collateral and that ended that conversation
It depends on WHO the person is and the AMOUNT, otherwise I don't bother lending money to anyone. 😏☺️
ALWAYS a bad idea!!!
I "lent" some guy $5 cause he kept pressuring me and he said he'd give me back double on such date.
I knew * the doubling * was a lie, though I gave him the $5 and he led me on for weeks, complained that I was harassing him cause everytime he'd break his promise while I kept asking for my money back.
Then eventually he started giving me FIVE dollars little by little.
For me it was about the principal and the fact I don't appreciate scumbages like that who not only pressure, though lie too about giving back the money.
He never asked me for anything since and I avoid him like the plague.
Then there's an ex of mine, he was in a bad spot in his life kinda early on when we started dating. So I trusted him and lent him like $100 to $200, he didn't disappoint and responsibly gave me back my money.
In turn I also helped him a lot with his savings. Though I've come to find out overtime he's a lot more on the perpetual victim side, and I'm afraid he'll soon be right back where he started left to his own devices. So would I lend to him again, especially after how everything went?
I highly doubt it.
If someone is a perpetual victim, barely done anything for you just coming to you when they need "rescue", etc., I'd highly reconsider that.
I'm not and never actually been a fan of lending people money. My ex even knew that and didn't pressure me in that regard. Though at the time, regardless of how much I later found out was his fault, he was in a very bad place. So I felt that was the kindest thing I could do for him.
It's a gamble and a general word of advice I hear is don't give what you can't afford to lose. What you lose might even include the friendship, or pseudo friendship. Though if it costs me a bit of money to rid myself of someone who is irresponsible and doesn't keep his or her word, then maybe it's not the end of the world. Because it can save me a lot more time wasted on someone like that, time that I'll never get back.
So I feel you really just gotta weigh how you feel about it especially worst case scenario, and if you're not truly comfortable or up for it, I'd not do it.
There are a handful of people in my life that if they approach I'll just give them the money. One was a repeat but paid me back either with cash or other ways.
If someone asked me for money now, depending on the amount, I'd rather teach them about budgeting and maybe just pay the bill instead of hand the cash over. But it all depends on the circumstances.