The best method to borrowing money is to not borrow or lend it at all. I do not know why people like to ask me for money but I will say no. If they are my friend I will say no. If the person is my enemy of course I will say no! If I do not know the person and they ask me on the street corner I will say no! I do not know why people ask their friends for money FIRST knowing that it can ruin a friendship. I know me, if I don’t get my money back; I am taking them to Court, no questions and no hesitance from me. I will do it in a heartbeat. I will save my friendships by not lending out or asking to borrow money.
Take a look at this a little further and you will see what I mean. Someone may ask you for a $300 loan. Now this person is $300 in the hole and asks you to lend them this amount to get them out of the hole. Consider the following:
o When will the person pay you back?
o How long will it take them to pay you back?
o What frequency will the money be paid back? Installments? Lump sum?
These answers may vary, but they are critical to your saving your friendship.
Let us consider another option. We have seen the numerous commercials for pay day loan establishments that will lend almost any amount to someone that has a job. Why does the person requesting the money not go there? Consider this:
o The requestor must provide a pay stub, physical address, banking information, etc.
o The requestor must pay the loaning establishment the money back PLUS interest in a lump sum.
o If the requestor does not pay the loaner the money back, they can garnish their wages; pursue legal action, etc.
When you look at it, it would seem that if a person wanted to borrow money from you that they might be trying to pull a fast one or try to fool you. I don’t know but it does look odd to me. I would rather sustain my friendship and not loan the money than to risk it and potentially end a friendship because a loan was not repaid or paid in an un-agreed, slowly paid fashion.
There are other ways to look at this; I just chose the few that I have encountered. What would you do?
I Love You, But God Loves You More!
I totally agree!!! That is a really sensitive topic 2 me. My mom let my cousin borrow money (idk why) but she has not received a dime back yet and if I recall its been like 2 years or more...and now of course she owes others and is always in debt. My mom told her she needs to go to the places u mentioned to get a loan. She checked it out and was like NO WAY!!! Of course because of the fees and risk of loosing car title etc... personally I feel like if I am low on cash its tht way 4 a reason and bad times don't last always. :)
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