Have you ever loaned money to family?

if so, how did it turn out?

Re: Have you ever loaned money to family?

No, I haven't.

And it's hard to say for sure how I would handle it if we were ever asked for a loan. But, thinking about it now, there is probably only one person in my family I would float a loan to. And no one in DH's.

Re: Have you ever loaned money to family?

No I would give it to them as a gift rather than lend it if I had it. It could become too complicated the other way.

Message edited 3/28/2008 10:58:46 AM.

Re: Have you ever loaned money to family?

Yup.. It took a long time to get one loan back and the bridesmaid dress I paid for as a loan... well I was never paid back! We will never lend her money again but thankfully she is in a much much better financial situation.

But other than her I would always lend money to family. I have before and it always is fine.. plus my family helps us out when we need so I would do the same in return.

Message edited 3/28/2008 8:07:27 AM.

Re: Have you ever loaned money to family?

I have never loaned money only given it without expecting to get it back. I knew the person would have a very difficult time paying me back and why have the aggravation?


Much simpler that way.

Re: Have you ever loaned money to family?

i did, in a way... my parents borrowed a credit card of mine that i wasn't using, and kept it until it was paid off. i never had a problem with it at all.

however, this was an informed decision... i would do it again, but i know there are certain people in my family i would never loan $$ to because i know i'd never see it again.

Re: Have you ever loaned money to family?

We did.....but I said to DH from the beginning, consider it a gift because loaning money never works out well. He insisted this person would pay us back. Well, almost 4 years later and no sign of the $!

Re: Have you ever loaned money to family?

yes...to my cousin....often we forgot if she ever paid me back

Re: Have you ever loaned money to family?

Yes, and we never got it back.

Re: Have you ever loaned money to family?

Yes, several times. My father always paid me back. My sister on the other hand doesn't. I went a step further and took a car loan out for my sister. She wasn't paying it o time and royally messed up my credit because I had no idea. She did the same thing with a cell phone I put in my name for her. Cancelled it and decided she didn't want to pay the last bill, so I had to when I saw it come up on my credit report.

While it's natural to want to help family, I won't do it again, at least for my sister.

Re: Have you ever loaned money to family?

Yes, and badly.

Re: Have you ever loaned money to family?

Yes and MOST of the time it turned out fine.

Re: Have you ever loaned money to family?

No, I haven't been asked to. In general, I don't loan money to anyone, family or friends, unless it is an amount I can afford to kiss goodbye forever.

Re: Have you ever loaned money to family?

I don't have any to lend out so I don't know . I never have but I can see a problem with a few family members.

Re: Have you ever loaned money to family?

yes and it was the biggest mistake of my life!!!!!! will never do it again!!!!!

Re: Have you ever loaned money to family?

yup

it took more than a year to get it back---but i did eventually get it back....but the entire time i was waiting for my $$ back--i found myself being bitter and resentful seeing that person spend money on things that i knew they didn't need, while still owing me.

Re: Have you ever loaned money to family?

No, I have not. I've seen it cause way too many problems between other family members.

Re: Have you ever loaned money to family?

Yes and it worked out fine, we were payed back in full

Re: Have you ever loaned money to family?

No, but my DH has. He loaned 10K to his sister before we were married. She paid it back within 6 months, but he was ready to write it off. I think any money you ever loan should be with the mindset that if you never get paid back financially you'll be ok with that, even if ethically and emotionally its a different story. Money can strain or ruin relationships, family, friends, whatever.

Re: Have you ever loaned money to family?

Yes I have and I never received anything back. But since it is family, I had no expectation to actually receive it. I don't mind lending money when it is a TRUE need. I DO mind when it is an expectation that I will cover for others just because they are lousy at money management.

Re: Have you ever loaned money to family?

Re: Have you ever loaned money to family?

Yes, I definitely have. They are family and there is nothing more important than that. It wasn't a ton of money, I have never been in a position to loan a LOT but $50 here, $30 there when brothers or sisters have needed it.

We never really operated on a pay back schedule either...my brother has loaned me money in the past when I needed it, and I've done it for him.

If someone in my family needed a significant amount and I had it available, I would help them but they would def. pay me back when able to.

Re: Have you ever loaned money to family?

my parents have and it was the worst mistake they have ever made!

DO NOT DO IT!

Re: Have you ever loaned money to family?

I have a rule. I only 'loan' money if I am okay with not getting it back. Because there is ALWAYS that potential and I don't want to wreck a relationship over money. I also don't like to act as a collections agency. So I might remind someone once - but if they don't respond - I probably won't remind them again.

I have loaned money a few times. My brother probably owes me a couple of thousand over the past 10 years that he has NEVER paid back. But - like I said - I only loan if I can afford to lose it. I never lend him more than $50 dollars becuase I know I will likely never see it again.

My sisters ALWAYS pay me back. I would loan them whatever I could comfortably afford to lose - just in case.

Re: Have you ever loaned money to family?

I would loan only our immediate families, and have, but I would never loan anyone else money.

I would only loan our families because they have shown me when I do, I get the money back promptly.