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would you lend a friend $2.5k? (update)

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[Start theme song]Dun dun dun du-dun

Welcome to People's Court / Texas Justice. Question today is, "would you lend a friend $2.5k?" Well, Marquee did and now he's facing his former friend in court for his money back.

dun dun DUN, du-dun...[/End theme song]
 
my motto is don't go into business or work for/with family.
Don't lend money to friends that you cannot afford to not have paid back.

You are going to do whatever you think is right but I would do everything I can to support my friends but I wouldn't lend him money. Too much stuff can go wrong when money gets involved.

Good luck though.
 
Originally posted by: KingNothing
Originally posted by: AgaBooga
have a 3rd party view it, like at a bank or with a lawyer

Me? I wouldn't

If he can pay that much interest, a bank should be no problem
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No kidding, that's 25% interest over a 12-month period. If a bank doesn't want a piece of that action then you certainly don't.
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No sheit! Don't do it. $100-200 bucks? Sure I'd help a good friend out for a week or two. $2500? Sorry. Ask someone else. I'd probably be a little offended by the question to be honest.
 
Helllllllllllll no.

Rules for keeping friends:

-Don't talk about politics
-Don't talk about religion
-Don't loan them money
-Don't date their ex-wives/girlfriends/or anyone related to them
 
Nope. I'd give a friend a few hundred bucks & call it a gift. (Not expect it back & not ever ask for it to be repaid), put not thousands.

It's a good way to lose a friend otherwise.
 
If I had a $2,500 I could afford to lose on gambling, probably.

This is like gambling. You may or may not get your money back. The only difference is the return of investment is capped at $3,000.
 
Originally posted by: AgaBooga
have a 3rd party view it, like at a bank or with a lawyer

Me? I wouldn't

If he can pay that much interest, a bank should be no problem
Click to expand...

Just have him sign a promissory note and have it notorized.
 
Yes, but that's just because I have that much trust in my friends. I have very few "acquaintances" (not counting 'net "friends") and tend to surround myself with a few very, very close friends. My friends are not people that would ditch and run on me.
 
Jeez, some of you people either have trust issues or crappy friends. No wonder you're always complaining about people (girls, roommates, friends, family, etc.).

I never keep friends that I wouldn't trust with my woman, my money, or my life. Yes, that means my circle of true friends is small (~10) but we treat each other like brothers and trust each other the same. If any of my pals needed money for whatever reason you can bet that I'd be there for them and vice versa.
 
I would lend and have lent aobut $2500 to a friend, no interest and it was a short term loan, maybe 1-2 months went by.

What you are talking about though is a business loan....that's a risk as it's not like he is just saying I will hit you back next month. If his business dies he will have nothing to pay you with. Also most 'real' businesses don't make money back to pay out until about the 3rd or 4th year and most will never see that time period.

If someone needs only $2500 to start the business and can't secure that with a CC or other method than a friend the outcome of their business seems dismal.

Å
 
edit: well the idea is he needs startup money for his car stereo shop. he's been working on car stereos in his garage for some time now, and recently he's struck up a partnership with a body shop garage where he gets to actually have his own store front. he's looking into buying some stock and inventory, so he's got things to show customers when he comes in. thats kinda how he plans to repay me. reason he doesnt go to a bank? younger people might have a harder time getting loans, or at least thats why i think he's asking me
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For that? AHAHAHAHAHA ABSOLUTELY FVCKING NOT! I'd smack him across the face and get him on meds immediately. If he can't muster up a measly $3k to start a business himself I sure as sh*t wouldn't lend him money for it. I'd lend/give money to a friend in dire need: need their leg cast, pay for power bill if they've lost almost everything they own, etc., but not to start up an audio shop.
 
Originally posted by: Skoorb
edit: well the idea is he needs startup money for his car stereo shop. he's been working on car stereos in his garage for some time now, and recently he's struck up a partnership with a body shop garage where he gets to actually have his own store front. he's looking into buying some stock and inventory, so he's got things to show customers when he comes in. thats kinda how he plans to repay me. reason he doesnt go to a bank? younger people might have a harder time getting loans, or at least thats why i think he's asking me
Click to expand...
For that? AHAHAHAHAHA ABSOLUTELY FVCKING NOT! I'd smack him across the face and get him on meds immediately. If he can't muster up a measly $3k to start a business himself I sure as sh*t wouldn't lend him money for it. I'd lend/give money to a friend in dire need: need their leg cast, pay for power bill if they've lost almost everything they own, etc., but not to start up an audio shop.
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I agree. I was originally going to say YES I'd loan that much money until I saw what the loan would be for. I'd have absolutely no problem loaning one of our very close friends a few thousand dollars for true emergencies, but not for something like that.

 
Originally posted by: Skoorb
edit: well the idea is he needs startup money for his car stereo shop. he's been working on car stereos in his garage for some time now, and recently he's struck up a partnership with a body shop garage where he gets to actually have his own store front. he's looking into buying some stock and inventory, so he's got things to show customers when he comes in. thats kinda how he plans to repay me. reason he doesnt go to a bank? younger people might have a harder time getting loans, or at least thats why i think he's asking me
Click to expand...
For that? AHAHAHAHAHA ABSOLUTELY FVCKING NOT! I'd smack him across the face and get him on meds immediately. If he can't muster up a measly $3k to start a business himself I sure as sh*t wouldn't lend him money for it. I'd lend/give money to a friend in dire need: need their leg cast, pay for power bill if they've lost almost everything they own, etc., but not to start up an audio shop.
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funny, i never mentioned i was funding his entire business. he's got some money borrowed from his parents, some he's saved previously, and some he's looking to borrow from friends. all in all, i think he's got $15k startup money to work with, and the agreement with the garage basically gives him a storefront for no cost.

 
funny, i never mentioned i was funding his entire business. he's got some money borrowed from his parents, some he's saved previously, and some he's looking to borrow from friends. all in all, i think he's got $15k startup money to work with, and the agreement with the garage basically gives him a storefront for no cost.
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Well then, he doesn't need $3k from you does he? 🙂 I don't know the guy, but I'd question a person who would go to friends bumming cash for an enterprise like this in the first place. The only time I've lent money to a friend was $150 so that he could get his alternator in his car fixed. It's been 8 years and I've yet to see the money.
 
Originally posted by: Skoorb
funny, i never mentioned i was funding his entire business. he's got some money borrowed from his parents, some he's saved previously, and some he's looking to borrow from friends. all in all, i think he's got $15k startup money to work with, and the agreement with the garage basically gives him a storefront for no cost.
Click to expand...
Well then, he doesn't need $3k from you does he? 🙂 I don't know the guy, but I'd question a person who would go to friends bumming cash for an enterprise like this in the first place. The only time I've lent money to a friend was $150 so that he could get his alternator in his car fixed. It's been 8 years and I've yet to see the money.
Click to expand...

well yeah, i guess if i didnt loan him the money, he'd be ok. and as for myself, i'd never ask friends for business money. but thats just me. thats why i posted here, i wanted to see what other people thought of it 🙂

anyways, i'm having dinner with him tonight, and i'll probably make my final decision then.
 
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