my one brothere ask me to borow him $7000 fore a car but some people say thy thinck its a good idea becose how wil i know if he wil give it back becose wen he hade money he did not lend me any but some one once told me you did not live youre day at the fullest if you did note help some one and felt good aboute it or had fun so what shoud i do
2006-07-29 02:08:52 · 16 answers · asked by konyn 1 in Family & Relationships ➔ Family
Never loan money to friends or family
2006-07-29 02:13:50 · answer #1 · answered by Sandra♥ 5 · 0⤊ 0⤋
If the bank won't lend him the money, that is a bad sign. If people who professionally evaluate others think it's a bad risk, so should you. Family is always, always, the last to be repaid, if ever.
You could buy the car, but keep in only in your name
You don't do anybody in this world a favor by doing something for them they should take responsibilty for.
If you lend the money, plan on never ever seeing it again. If you are ok with $7,000 being a gift, then give away. What would it do to your relationship if he never paid you back.
You don't owe him a loan just because you have the money. How much of your life to you spend to earn that $7,000? A few months, a year? Are you willing throw that away?
2006-07-29 02:15:21 · answer #2 · answered by Tony T 3 · 0⤊ 0⤋
Not an easy question to answer as I don't know anything about your family dynamics and how you personally feel about doing for others. If you have your own finance problems to worry about and you will put yourself in a bad spot such as not paying your own rent, bills and fall further behind.. this is something you should consider very carefully before doing it. But whether your a Christian or just someone that enjoys helping others out and feels fulfilled by doing good deeds it is a decision that none of us can really answer since you have to live with the aftermath. I will share this with you.... Being that I have a very close family... and we are very much a part of eachothers ilives.... it is a love that gives and askes nothing in return... If I have the time, the money and/or the good works to freely give I would give without question nor expect anything in return.... now let me be honest I wish I was actually that enlightened a person as I still struggle with extending that to the rest of the world except where charities are concerned or giving of my time.. but money ins't always an easy thing to part with in this here U.S.A..... What ever you decide... do whatever your comfortable with.... Hope it all works out!
2006-07-29 02:11:51 · answer #3 · answered by kitkool 5 · 0⤊ 0⤋
$7000 is a lot of money. Tell him to go to a bank, credit union, borrow from his 401K, wait until he can afford it. If you must lend it to him, make sure you get a promissory note with a stated interest rate that will stand up in court and a payment schedule. Family is notorious for not repaying loans on time.
2006-07-29 02:15:52 · answer #4 · answered by kny390 6 · 0⤊ 0⤋
As much as you might love them, don't lend money to family. There is always the chance that things won't work out, then there's bound to be bad feelings on either of your sides. Is there a reason he can't get a bank loan? If he can't, maybe that's a clue for you. Maybe you could offer to help him shop for a good deal, and help do research.
2006-07-29 02:19:42 · answer #5 · answered by Lydia 7 · 0⤊ 0⤋
Well if u have the money to lend then u could do it but u will need a written agreement in which the amount, the date, a witness's signature & ur both singnature should be mentioned.. even if he is ur brother nowadays u can't trust anyone..
2006-07-29 02:17:29 · answer #6 · answered by Lemi 4 · 0⤊ 0⤋
Honey are you in a position to give the 7k away? Lending money to friends and family is a no no, we give them money, not loan.
What ever amount they ask for we have to assume we will never see it again.
2006-07-29 02:49:29 · answer #7 · answered by Sheila 4 · 0⤊ 0⤋
If in your heart you feel this will help your brother and you can truelly afford it without putting yourself in a bind then do so.He will hav eto live with his conscience if he doesnt pay you back.I loaned my brother 800 dollars 12 yrs ago.Still not been repayed.but instead of being angry i just say hey he is my older brother and kept me out of alot of trouble as a kid,so this was a small gift comparred to what he gave me.A good future.Good luck God bless:O)
2006-07-29 02:45:51 · answer #8 · answered by melissa_froggies 4 · 0⤊ 0⤋
To keep a friend\sibling: Never Never lend money for wants.If he needs it that's another thing,but i would never lend that much money to a sibling in the first place,Mom & dad ? Anytime.
2006-07-29 02:14:51 · answer #9 · answered by master_der_man 6 · 0⤊ 0⤋
Write a IOU. Came out a repayment plan e.g. monthly min payment. Because $7k is not a small amount.
2006-07-29 02:11:52 · answer #10 · answered by credit_studio 1 · 0⤊ 0⤋