OT: Loaning money to Family

[JustinCruise]

Whats everyone's policy on this?

Horror stories?

 

[JustinCruise]

I'm pretty sure lending money to family never works out but i'm curious about other peoples experiences

 

[seldomseen]

Never would. If I'm giving money it's theirs to have. No repayment necessary. Same with good friends.

 

[JustinCruise]

Never would. If I'm giving money it's theirs to gave. No repayment necessary. Same with good friends.

But where do you draw the line on $$$ amount since there is no repayment necessary

 

[Mr_Mark]

if you are going to loan money to fam, dont expect any payment back

 

[vitterd]

Just consider it a gift....not a loan. That way no hard feeling when they don't pay you back.

 

[Mr_Mark]

But where do you draw the line on $$$ amount since there is no repayment necessary

Just like responsible gambling, only what you can afford to lose

 

[seldomseen]

But where do you draw the line on $$$ amount since there is no repayment necessary

Depends on who it is. Parents, wife, kids as much as I have. Same with my nephew. Cousins I would tell them I don't have it.

 

[Willie99]

parents did it for me

I've done it for my kids, just lent 5 figures for a kitchen remodel

I've lent lessor sums to friends on a regular basis, for a variety of reasons like their season tickets and donations

never a problem, yet

 

[JustinCruise]

parents did it for me

I've done it for my kids, just lent 5 figures for a kitchen remodel

I've lent lessor sums to friends on a regular basis, for a variety of reasons like their season tickets and donations

never a problem, yet

Depends on who it is. Parents, wife, kids as much as I have. Same with my nephew. Cousins I would tell them I don't have it.

What about in-laws?

 

[Betallsports]

Sure my daughter borrows all the time.

And always say, here I'm Giving you this.
I know I'm not getting it back.
And I tell all the time. It's just less for her when I'm gone

 

[slapshot]

Sure some families it depends on what type of job and pay they gave you

Like if a in law sets you up with a 6 figure job you shouldn't have you kind of give him what he wants

But if they haven't bumped you up the ladder yet you might expect to be paid back

 

[Willie99]

What about in-laws?

my daughter-in law , via my son

none of my wife's family ever needed a loan, everybody doing OK

 

[JudgeWapner]

Sure my daughter borrows all the time.

And always say, here I'm Giving you this.
I know I'm not getting it back.
And I tell all the time. It's just less for her when I'm gone

Smart man.

 

[C.P.]

You should never lend money and expect to be paid back. Just make it a gift.

 

[RoofTop]

Wife says she wants to borrow money all the time..

credit cards --
school loan --
credit cards --
car --
furniture--
credit cards--
credit cards --

she's into me for about 150K

guess how much she has paid back??

 

[razorbackpicks]

Wife says she wants to borrow money all the time..

credit cards --
school loan --
credit cards --
car --
furniture--
credit cards--
credit cards --

she's into me for about 150K

guess how much she has paid back??

I hope she pays in nightly favors...

As many have stated, if you are lending then consider it a gift. If you really want to make it a loan, agree on an interest rate, print up a schedule with amortization and see what they think. Get collateral, just like a bank, this will show you how interested they really are in "borrowing".