My cousin, who I am very close with, called today and asked to borrow $1500.00 I love her and she's family and family is #1 in my book, but she's never been "stable" and I probably won't get the money back. Now, mind you, I am doing quite well for myself and I have it to loan her, but something tells me she's not going to use it for the right purpose. Now what?
2007-11-02 14:49:10 · 15 answers · asked by Anonymous in Family & Relationships ➔ Family
Too funny...she just called and asked if she could have the loan. I asked her what she needed the money for and she said to pay bills and such. What the hell does "such" mean? Yikes!
2007-11-02 14:55:28 · update #1
I vote no also..... It's sort of an unwritten rule: Never lend money to relatives. The reason behind that is that it usually leads to problems. Mostly because the person doesn't pay it back. Then they will eventually act ungrateful for you having done such a big favor for them. It causes bad feelings to come up and leads to fights. Trust your instincts and keep your money. BTW, What is she telling you it's for? And WHY is she in the position where she has to borrow that large amount from someone? What would she do IF you were not around? Your cousin reminds me of my sister. She often tries to get money from relatives and it's usually for her pot. I don't give her money. Not unless it's small amount AND I don't need it. I'd rather donate it to a good charity in her name, than to see it go towards pot or drugs. Good luck with your decision. Granny B
2007-11-02 15:02:16 · answer #1 · answered by Brenda 6 · 1⤊ 0⤋
my rule of thumb is if I loan someone money I never expect to get it back. If she really needs it to pay bills and such tell her that you will help her pay her bills. but go with her and write out a check directly to the person(s) she owes and if the "such" is like groceries and gas go shopping with her and fill her tank that way you know where the money is going. Good Luck.
2007-11-02 15:09:51 · answer #2 · answered by brianswife 3 · 0⤊ 0⤋
No!! If she was that responsible in the first place why aren't her bills paid? She won't pay them off, she will get the money in her hand and use it for something else. She needs it to pay bills, if she isn't paying her bills...what makes you think she is going to pay you?? You know how long it will take her to pay you back. Say goodbye to the money girl. If you can live with not getting it back, then go for it.People like that prey on people that do have money, so they can take the easy way out. I say No. she'll never learn and she'll keep coming back for more.
2007-11-02 15:12:04 · answer #3 · answered by Godsgirl 4 · 0⤊ 0⤋
10% simple annual interest is customary between members of my own family. Be sure to create a loan contract with a schedule of payments, and also be sure to tell her that you will file a negative credit report if she falls behind more than 3 months.
2007-11-02 15:09:57 · answer #4 · answered by The Eternal Squire 3 · 0⤊ 0⤋
NEVER LOAN MONEY TO FAMILY unless you have a promissory note or some other LEGAL way to get it back. It only causes problems.
2007-11-02 15:03:46 · answer #5 · answered by Starla_C 7 · 0⤊ 0⤋
If i were say no,, a lot of family member take advantage of not paying you in a hurry because your'e family member..i know this from experience...
2007-11-02 15:14:40 · answer #6 · answered by arsenia s 1 · 0⤊ 0⤋
NO. You can give money to family members knowing you'll never see it again. IF they repay, you great. But if they never do, since you weren't planning on getting it back anyway, it won't matter.
2007-11-02 14:59:17 · answer #7 · answered by Richard F 6 · 2⤊ 0⤋
No. Sometimes you have to be tough even with family members. They need to stand up on their own.
2007-11-03 00:01:15 · answer #8 · answered by Anonymous · 0⤊ 0⤋
no,im still waiting on $$ from 3 family members and i could do with it right now,as i have lil kids and they dont,and they all said months ago it would be paid back,months ago..Dont do it..cheers
2007-11-02 21:37:23 · answer #9 · answered by shrebee 7 · 0⤊ 0⤋
No! It never ends good cause they rpobly wont pay like 50 cents but you can get mad for that!
2007-11-02 14:52:21 · answer #10 · answered by LeeChavez 3 · 3⤊ 0⤋