Loaning money to friends

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  • Hoosierdood

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    Just don't.

    Even if it's a good friend. Even if you trust them more than anyone.

    Some lessons are learned the hard way.


    Seriously, if a friend asks to borrow money, just tell them that you value your friendship too much to risk it over a loan.
     

    tv1217

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    Solid advice. I don't really even like to loan to relatives unless it's absolutely dire circumstances.
     

    tv1217

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    Wait a minute, chezuki isn't a little girl scout and he's about 8 stories tall and crustacean from the protozoic era!
     

    Hoosierdood

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    Friend said he needed just shy of 3k or his family (wife and 3 kids) were going to lose their house. He said he was tapping in to his 401k but it was going to take 3-5 days to get that processed. So I loaned him $3k with the agreement that he would repay the loan within 5 days. That was 3 weeks ago. Now he tells me that his 401k rejected his request.
     

    churchmouse

    I still care....Really
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    Friend said he needed just shy of 3k or his family (wife and 3 kids) were going to lose their house. He said he was tapping in to his 401k but it was going to take 3-5 days to get that processed. So I loaned him $3k with the agreement that he would repay the loan within 5 days. That was 3 weeks ago. Now he tells me that his 401k rejected his request.

    You were hosed.
     

    Cameramonkey

    www.thechosen.tv
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    Bout tree fiddy

    I got your back. Is 15 Quarters OK?

    Friend said he needed just shy of 3k or his family (wife and 3 kids) were going to lose their house. He said he was tapping in to his 401k but it was going to take 3-5 days to get that processed. So I loaned him $3k with the agreement that he would repay the loan within 5 days. That was 3 weeks ago. Now he tells me that his 401k rejected his request.

    So any collateral he can offer to make up for it? If he were also on here, this would be a great way to pick up more guns from his collection.

    Good luck though.
     

    MCgrease08

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    I'm very sorry to hear this, Hoosierdood. Hopefully he is able to pay you back at some point.

    Hindsight is 20/20, but a copy of The Total Money Makeover would have been better for you and your friend.

    It's the old, give a man a fish vs. teach a man to fish situation. If he's that close to losing the house, he's got bigger problems than just needing $3k. Treating the symptom doesn't cure the disease.
     

    Clay Pigeon

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    Friend said he needed just shy of 3k or his family (wife and 3 kids) were going to lose their house. He said he was tapping in to his 401k but it was going to take 3-5 days to get that processed. So I loaned him $3k with the agreement that he would repay the loan within 5 days. That was 3 weeks ago. Now he tells me that his 401k rejected his request.

    Thats because he doesn't have a 401k... If he had a 401k he would have taken the money out months ago when the trouble started...
    Good Luck.....
     

    patience0830

    .22 magician
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    Not far from the tree
    Borrower is slave to the lender.

    What does he have for collateral?

    Lending to friends OR family changes the relationship. Make it a gift if you can afford it. If you cannot afford it, do not make the loan. Hard way to learn the lesson.

    This all said, he has used you, do not go lightly on him.
     

    Tanfodude

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    Jul 25, 2012
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    Depends on how close that friend is. And that takes personal experience to know a person. Normally a trustworthy friend wouldn't just flat out ask for that kind of money.
     
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