A business associate says his relative is ill and needed money. He looks tired and had lost weight. Should I lend him a minimum amount or reject outright?
2007-06-24 22:04:09 · 4 answers · asked by sun s 1 in Business & Finance ➔ Personal Finance
Did your associate actually ask you for the money? What is the profession? Are you his superior and/or do you have any control over how he gets paid? Because if you can give him a loan and know that a % will be taken from his wages until it's all repaid then, no worries. If you are in a profession that has ups and downs in wages, obviously this is a gamble, especially if you are not his superior and do not control how he is paid back.
Are you ok on money? If so and the amount is not too much, you may want to consider giving him a "loan" but know that it is a gift in your heart.
Finally, how well do you know and how much do you trust this man? The last time my husband "loaned" his friend money...he ended up spending it on drugs (not that ill relative he mentioned) and we never saw the money again, even after the rehab...and he "seemed" very trustworthy.
BTW, how did you handle him thus far? Is he going to ask you again? If the amount you loan to someone becomes large enough you may want to consider getting a promissory note at an office supply store (and maybe add in 3% interest, esp if payments are not made timely).
You could say to him that you just had a financial situation come up for you as well but that you have a great idea that you have considered and give him the name of the first guy to give you advice? I hate to lie but this is a business associate and whatever you do will (even if you don't loan him money, you want him to think highly of you) "be at your work" until one of you leaves...
2007-06-24 22:43:05 · answer #1 · answered by GivingitMyBest 2 · 0⤊ 0⤋
It's never a good idea to loan money to someone, Especially a business ssociate.
Tell him you wish you could but you don't don't have extra money at the moment.
Reject outright. If he needs the money, he will find other resources to get it.
It's very difficult to get people to re-pay a loan.
You don't need the aggrevation of asking him to repay you, if he does not payback the loan at the time you specify.
2007-06-25 05:14:28 · answer #2 · answered by newyorkgal71 7 · 0⤊ 0⤋
Only lend money to someone that you can find and beat the crap out of.
2007-06-25 05:14:19 · answer #3 · answered by Kelly 3 · 0⤊ 0⤋
Lend? You will never see it again. Either you give it to him and kiss it goodbye or say no
2007-06-25 05:12:45 · answer #4 · answered by Anonymous · 0⤊ 0⤋