5 reasons you shouldn’t lend money to family and friends

When family members and friends come to you to borrow money, as a good samaritan, you are expected to part with some money.
But sometimes, lending your money to friends and family members can result in an entirely unexpected situation.

If you think about situations like this, you might come to realize that lending your hard earned money to relatives could be a terrible mistake.

Here are five reasons it is advisable to never loan money to family and friends.

 

1. It might be difficult to ask for the money back
If you lend money to a friend or family member you respect a lot, you might not want to ask for the money in order not to offend the borrower.

Even if you are worried about the loan repayment, you’ll most likely keep it to yourself because you don’t want to upset your friend.

 

2. It can make family gatherings awkward
Imagine being in a family meeting with a family member that owes you some money and you still can’t ask him or her about the loan, what an awkward moment that would be.

 

3. The borrower may ask for more
Due to the blood relationship between you and the borrower, it will be pretty easy for him/her to come to you again when he or she needs more loan.

 

4. You might not get the money when you need it the most
Lending money to family members and friends could get you in a financial mess. When you want your money returned probably because you are broke, the friend or relative you lend the money might not be willing to return it at that time. And that could put you in a financial trouble if you don’t have anyone to borrow from.

 

5. You could lose your money and relationship
If you lend your money to friends or relative, you should beware that any attempt to get the money back could put a strain on your relationships with them especially if the borrower is taking the relationship for granted.

Source: Pulse

12 Comments

Add a Comment
  1. U no go see the money collect again

  2. This is a bitter truth

  3. It is true especially no 1

  4. Most at time it beings family probkems

  5. The best things is to give the little u vmcan

  6. Don’t borrow money to family members

  7. Very correct problem must cum once is time to pay d money back

  8. Truth…like me i dont lend oo…
    Is either i dont give u or i will just give u as gift and dont need a repay…because am not just good at requesting for such money back

Leave a Reply

Your email address will not be published. Required fields are marked *