Friend asks for $500 loan

[umbrella39]

Originally posted by: silverpig
Someone has owed me $1200 for over 2 years now. I could easily spare it then, but could really use it now...

Same here except it was 2 grand and it wasn't a loan, it was for a website I did to help him and his fledgling business idea. Wish I knew some guys with bats and a penchant for knee cap breaking right about now, could really use that money or the satisfaction of knowing he feels the same pain as I do.

 

[AgaBoogaBoo]

Let friends be friends, don't get money in the middle of both of you.

 

[OutHouse]

why is saying no so hard for people?

 

[Mr. Lennon]

Originally posted by: gamepad

Originally posted by: Lorax
what exactly is the 500 for?

He won't give an exact answer, but I'm 66% sure he owes other people money.

Friends that have asked me for money in the past usually needed it for drugs or to pay off credit card debt. Why doesn't he ask his parents?

 

[puffff]

I've lent $3000 to a friend and he paid me back. I had him give me a series of of $250 checks that I could deposit on the first of each month until the balance was paid off though.

 

[MattCo]

Tell him to get a loan on Prosper

 

[Special K]

Originally posted by: gamepad


I am only 20 years old, so $500 is a lot to me.

Originally posted by: gamepad
The thing is, he knows I have a tons of money.

You seem to have contradicted yourself here.

 

[UncleWai]

Wow you guys have sucky friends. I always lend $200+ to my friends and I never worry about not getting the money back.

 

[2Xtreme21]

Originally posted by: Special K

Originally posted by: gamepad


I am only 20 years old, so $500 is a lot to me.

Originally posted by: gamepad
The thing is, he knows I have a tons of money.

You seem to have contradicted yourself here.

Yeah I was about to post the same thing. OP is pretty sketchy too if you ask me...

 

[compuwiz1]

Do you think he has the means to repay it? Does this person seem to be in a financial jam all the time?
Some people have lifestyle issues, and no amount of money will ever solve anything. Any help is usually just a bandaid until the next crisis comes along, which is usually right around the corner.

If you do decide to loan the money, just mentally accept that you may never get it back, so you don't build resentment.

 

[se7en]

If he will hold it against you he isn't much of a friend at all. Just because he knows you have money doesn't mean you have to loan him anything.

A real friend would offer to do crap for you in return for the loan such as wash your car, clean your house, yadda yadda OR offer something as collateral.

 

[Syrch]

Originally posted by: Chronoshock
Tell him you can't afford to lend that much, but since he's your good friend, help him out in other ways. Find him a job or something

 

[Vic]

If you genuinely don't have the $500 to spare, then give him a flat-out "sorry no."

If you can spare the $500, then don't lend him the money, buy something of that approximate worth from him. Either that or just give it to him.

The problem is that you clearly don't trust him with money, with paying you back if you lend it to him, and that lack of trust will destroy your friendship if you let it be exposed. The whole adage that you should never lend money to friends isn't true, it's just that you shouldn't lend money to people who ask their friends for money.

Originally posted by: spidey07
Bailing your buddy out of jail is acceptable however.

Only if you're the one who got him in there in the first place.

 

[gamepad]

Originally posted by: 2Xtreme21

Originally posted by: Special K

Originally posted by: gamepad


I am only 20 years old, so $500 is a lot to me.

Originally posted by: gamepad
The thing is, he knows I have a tons of money.

You seem to have contradicted yourself here.

Yeah I was about to post the same thing. OP is pretty sketchy too if you ask me...

In the original post, I was stating my age, because I feel that a $500 loan is a big deal for 20 year olds. In the next post, I was just saying that he knows I have a spare $500, so saying "I don't have the money" as an excuse will not work.

 

[oogabooga]

Originally posted by: UncleWai
Wow you guys have sucky friends. I always lend $200+ to my friends and I never worry about not getting the money back.

Can I be your friend? I promise to pay back, I swears it!

Seriously: I lent a guy 100 bucks, and he said he'd pay me back when he got a job. Just graduated college so I figure well, he'll be rolling in the riches. Four years later...

Two jobs, Two mac computers, two HDTV's, a wii, countless concerts, cd's, dvd's, and itunes tracks later....

 

[GenHoth]

There is a large difference between having the money in the bank, and being able to part with it.

 

[oogabooga]

Originally posted by: gamepad
In the original post, I was stating my age, because I feel that a $500 loan is a big deal for 20 year olds. In the next post, I was just saying that he knows I have a spare $500, so saying "I don't have the money" as an excuse will not work.

500 dollars is a big deal. Having a spare 500 dollars doesn't mean it's for loan to the first friend who asks.

You gotta wonder what to think of someone who would put their 'friend' in a position where they can't say no to lending money.

 

[Daishiki]

How much is your friend worth to you? It seems like you have the money. If it seems like he's in a real bind or emergency and he promises it's not for drugs, booze, or something asinine, go for it.

 

[NuroMancer]

Originally posted by: GenHoth
There is a large difference between having the money in the bank, and being able to part with it.

Exactly, you might have the money, but for all he knows it's tied up in a non-liquid investment.

So tell him, you can't just pull 500 bucks out as you have your money invested in a GIC or something.

 

[gamepad]

Right now, I'm leaning towards yes since we're such good friends, but I'm having him research cash loans that you see on commercials all the time.

 

[se7en]

Originally posted by: gamepad
Right now, I'm leaning towards yes since we're such good friends, but I'm having him research cash loans that you see on commercials all the time.

prosper would give him a much better % I am willing to bet as someone suggested.

 

[MagicConch]

I would never lend money to someone who wouldn't tell me what it's for. Best friend shouldn't feel the need to hide this stuff if he is comfortable enough to ask for the money. Even if you can convince him to tell you, shouldn't need to have to convince him anyway and he probably wouldn't tell you the truth at this point.

 

[Nerva]

i got a fortune cookie for lunch today, and it said "your true friends will only ask for your time, not your money"

i am not saying that you should make your decision based on a cookie, but i think there is certain truth in the statement.

 

[LordMorpheus]

Originally posted by: Chronoshock
Tell him you can't afford to lend that much, but since he's your good friend, help him out in other ways. Find him a job or something

or tell him you can only spare 100-150 and just let the money go.

 

[Vampirrella]

tell the thruth: its alot of money and you cannot afford to loan it.