My Question of the Day for 19 May 2010 – UPDATED
| Listen to the question here:
Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser. |
My Question of the Day: Many of us have found ourselves needing a little boost in our income until our next payday. With that in mind, think about how you handle loaning money to friends and/or family. When you do loan money to people, regardless of whether you’re expecting them to pay it back or not, do your require that they tell you why they need the money before you will agree to help?
My 2 Cents: I actually don’t require it, and I’d prefer not to know, but I can’t think of anyone who asked to borrow money from me who hasn’t just felt compelled to tell me the reason they need it.
If I have it, I’ll loan it. If I don’t have it, I won’t.
It doesn’t matter for what the money is needed. An explanation doesn’t make me more or less inclined to give a loan. It all depends on whether I’m in a position to make the loan, period.
———-
The commentary doesn’t have to end!
Please feel free to continue to add your comments below.
RULES FOR COMMENTS
1. DO NOT include links in your post. There is a place for you to include one link when you’re filling out the Name/Email/Website information. Comments that include links will be deleted.
2. If your post is obviously irrelevant to the question at hand, it will be deleted. This is a tactic spammers use to simply show up on blogs.
3. Please keep your comments respectful. We can agree to disagree without attacking each other.
I only have a select few that I loan money, so if they ask I usually give it. We all are trying to build our lives right now, so I always like to help a friend. The ones I would say no to never ask because they know they aint getting a dang on thing based on their previous actions.
Was this answer helpful?
LikeDislikeUnless it’s to an immediate family member I do not loan money. I’ve done so in the past and no one ever bothered to repay me and it caused a lot of tension in a good friendship. I feel bad and I’d certainly help out a friend in need (maybe getting them groceries one week if they need the extra cash or paying for their gas) but I don’t loan money straight out anymore to ppl who ask.
Was this answer helpful?
LikeDislikeI’ve never been asked for a loan without the person automatically telling me what it was for, so I’m not sure if I’d ask. I have a rule that I don’t lend what I can’t afford and in my own mind, I don’t expect it back (although I don’t say that). That way, if the person flakes on paying me back, I won’t get angry or resent them. However, I won’t lend to them again if they don’t pay me back.
Was this answer helpful?
LikeDislikeIt depends on how much. If it is $20, then I’ll usually just pay right back when I get paid. I feel as if the SAMe $20 has been going back & forth between my live-in boyfriend & myself, it’s it has come to the point where it is a game. It’s just $20!
However, anything over a $100 should have a date. Now did loan a boyfriend $75 for a car payment & he ignored my calls. I was 18 when this happened. It drove me crazy b/c I wasn’t even calling about the money, I just wanted to hang out w/my bf. I was so furious that I did something dramatic & just didn’t loan anyone money for a long b/c of how that person acted towards ME.
I wasn’t acting weird or being demanding. My ex had used me to pay his little car note & didn’t want to talk to me anymore. He did me a HUGE favorite in the end. Totally worth paying him $75 so I could live my best life – w/o him! =D
Was this answer helpful?
LikeDislikeNo I wouldn’t require it. Beyond that I also wouldn’t loan what I could not afford, that way if I never saw it again I wouldn’t be too disappointed.
Was this answer helpful?
LikeDislikeI only ask the need when the “need” becomes habitual. I also try to factor in what I know about their financial situation as well as how responsible they are with their finances. Some (based on how they spend their money) will get the “why do you need this” question before its habitual. I’ve been around many friends and relatives who would just spend money freely ignoring the priority because they just knew that “such and such” would let them hold something til payday….but there are a faithful few who can get $$$ no questions asked…
Was this answer helpful?
LikeDislikeI try not to loan money to begin with; however, if someone comes to me needing to borrow, they’re already telling me, without me having to ask, why they need the money in the first place. If someone just asked me to borrow money, and didn’t have a reason, that person doesn’t know me too well, and doesn’t know that I plum don’t have any to loan anyway. So, the answer would be “no”…I’m not requiring them to tell me, but they’ve already told me anyway.
Was this answer helpful?
LikeDislikeThere have been times I loaned money, and times I have borrowed money.
When I borrowed, I said why and when I would expect to be able to pay it back.
When I loaned, it was with joy in my heart at being able to help someone.
When loaning an amount less than $100, I handed over the cash and was pleasantly surprised when it was repaid.
Was this answer helpful?
LikeDislikeNo, I don’t. Most of the time they’ll tell you why. But its not really important. Most people will not ask to borrow money unless they REALLY need it.
Was this answer helpful?
LikeDislikeNo I don’t…presumably if they’re paying me back it’s their money. I don’t loan money unless I can absorb losing it. Falling out with family isn’t worth it. I would just be glad I was in a position to help my family.
Was this answer helpful?
LikeDislikei really never thought about it, I dont recall even lending any significant money to anybody, It was usually me asking for the loan. and ofcourse they did ask me what it was for…. now that i think about it, maybe i would want to ask to feed my own curiosity what, but reading tracey’s post is makin me rethink it
Was this answer helpful?
LikeDislikeLoaning money to friends and family is a very bad idea. I prefer to just give it to them. Regardless, I will usually ask what the problem is because money may not even be the solution they need.
Because I am not made of money, I need to be able to weigh my situation against theirs. Is it a life or death situation that would warrant taking food out of my kids’ mouths or are they just trying to buy a new outfit?
If they have a problem discussing the situation with me, I probably don’t know them to be giving them my money anyway.
Was this answer helpful?
LikeDislikewell yes if i loan out money i would like to know what you needed for and if i find out i was lied to that be there very last time you will get anything from me.
Was this answer helpful?
LikeDislikeNo I don’t. I think its Humbling Enough to them to have to ask for money, why should I embarrass them more by demanding they tell me why they need the loan. If I loan them the money, its theirs to do what they want with it.
Was this answer helpful?
LikeDislike