Through the ages, people have said lending money to relatives is not a good idea because of the unlikelihood of getting it back and all the strife the goes along with the transaction. As you would expect, this can cause tension between family members and create a rift between them that doesn’t need to be there. Here is a short video with some tips on what to do when a family member asks you for a loan. This could save you all the hassle of trying to get it back and some money as well.
It’s always a dilematic problem. In one side there’s familial consideration to do it, yet in another side there’s a strong financial consideration not to do it.
Very true, being caught up in that situation is not easy at all. If family means a lot to you, you will do what you can to help. I myself can’t not lend money if a family member is in need. It hasn’t always been repaid in full though. I must say that I have been one to ask for help as well and not paid back the loan in a timely manner.
LOL! You never know, you may have to face this situation one day. Thanks for stopping by.
Don’t loan money to family or friends. We have been loaning money to an in law now for 10+ years and this in law cannot seem to get their life straight even though they are in their late 30’s. “If the banks or credit unions won’t lend them money, we shouldn’t either!” Proverbs 22:7
Just as the rich rule the poor, so the borrower is servant to the lender.