lending out money

[ultra26shadow]

So a friends parent show's up at my house very unanounced yesterday, and starts talking to me and asks me out of nowhere to lend him a $1000.00. I have known the family for a while and known they have always had there ups and downs. There ups they had all the cars toys you name it they had it, downs just one car for the whole family. So I figure they must be kind of desperate if they are asking there sons friend, and my friend per his dad has no idea. So I told him last night let me think about it and CALL me in the afternoon. So all day im thinking and investigate more but still no call from the parent. So the parent told me he needs it to pay his mortgage, and he said he will pay me by dec 3rd with whatever interest I want to charge. So upon my investigation I find that the house is up for sale. So it seems very weird to me that he needs to pay his mortgage when his house is for sale, especially in this economy could be in foreclosure short sale who knows. So I get home and doorbell rings and its him showing up again unanounced. I didn't answer the door because I think its bs I got no call. But anyhow what would you do? Im in that type of business where you have customers for 20+ years and some when they get the chance they will rip you off. So from that if learned to always investigate and not trust too many people.

 

[Riverson]

IMO-I wouldn't give him the cash unless I don't expect it back. It doesn't sound like he's that close to you. If you need an excuse just say cash flow, BS him right back.

 

[2FORCEFULL]

So a friends parent show's up at my house very unanounced yesterday, and starts talking to me and asks me out of nowhere to lend him a $1000.00. I have known the family for a while and known they have always had there ups and downs. There ups they had all the cars toys you name it they had it, downs just one car for the whole family. So I figure they must be kind of desperate if they are asking there sons friend, and my friend per his dad has no idea. So I told him last night let me think about it and CALL me in the afternoon. So all day im thinking and investigate more but still no call from the parent. So the parent told me he needs it to pay his mortgage, and he said he will pay me by dec 3rd with whatever interest I want to charge. So upon my investigation I find that the house is up for sale. So it seems very weird to me that he needs to pay his mortgage when his house is for sale, especially in this economy could be in foreclosure short sale who knows. So I get home and doorbell rings and its him showing up again unanounced. I didn't answer the door because I think its bs I got no call. But anyhow what would you do? Im in that type of business where you have customers for 20+ years and some when they get the chance they will rip you off. So from that if learned to always investigate and not trust too many people.

don't loan money.... pawn something worth 20 cents on the dollar..


I had a guy last week say, loan me 500 for 2weeks and I'll pay back
$550.... I said, I don't loan money because it just piss's people off.. but what I will do is, lend you 500 against your astro van, bring it over and sign over the title, if you don't pay I'm putting it on ebay "NO RESERVE"

he paid back 50 the next day and 350 today.... he only owes 100 now..

 

[Rvrluvr]

IF I loan someone money I pretty much consider it gone. I don't like payments, prefer it in one lump sum just like I lent it. If they pay it back then it's like a bonus check.

 

[pronstar]

2FF is right if you want to loan it out.

Lending money with no collateral can too-easily become a "gift".

 

[Vmjtc3]

IF I loan someone money I pretty much consider it gone. I don't like payments, prefer it in one lump sum just like I lent it. If they pay it back then it's like a bonus check.

Thats how I operate, besides if its a good friend or family member I would rather just give them the money to help them out if I can spare it. But if its just an acquaintance or someone that has no track record I don't plan to see it back. If I do its just a bonus :thumbsup

 

[propcheck]

I make it a rule to only loan money I am willing to lose to people i am also willing to lose..... That way when they dont pay it back I consider it a payment to get the hell out of my life. I keeps me from being too pissed

 

[djunkie]

I had a friend years ago come and ask me for $10k. Said it was an emergency but couldn't tell me exactly what the emergency was. So I told him he has to tell me or he ain't getting shit. I thought maybe it was a medical emergency and I would have helped any of my friends when it's comes to that. After almost beating the truth out of him he fessed up and said he found an old car he wanted. I told him to fuck off and haven't seen him since.


Sent from my iPhone paid for with Union money.

 

[TITTIES AND BEER]

look at the last 2 posts , if I loan you $ if I get it back , cool , if not ? ok i learnd something

 

[djunkie]

Another friend came to me years ago needing money to pay for an abortion for some girl he knocked up. Now I'm not really for abortions but this guy and the girl were in no shape to take care of a kid. It was a real tough decision but I paid for it. 6 months later it happened again. And he never payed me back for the first one. Ya haven't seen him since either.


Sent from my iPhone paid for with Union money.

 

[TITTIES AND BEER]

don't loan money.... pawn something worth 20 cents on the dollar..


I had a guy last week say, loan me 500 for 2weeks and I'll pay back
$550.... I said, I don't loan money because it just piss's people off.. but what I will do is, lend you 500 against your astro van, bring it over and sign over the title, if you don't pay I'm putting it on ebay "NO RESERVE"

he paid back 50 the next day and 350 today.... he only owes 100 now..

JETBOATERS -for sale 1 KILLER MOFO ASTRO VAN this thing ROCKS ! 10000$

 

[MisplacedSooner]

If I would do a loan I agree with 2FF on how he did it..I once loaned some money when I was younger to my sister about 3k and I never saw it back, caused a few issues but that was a long time ago so time heals wounds..Never ever again to family unless it was my parents.

 

[ultra26shadow]

The parent's I know pretty well but just too many red flags, outta nowhere, house for sale, just wrong timing on both ends especially with the holidays coming up. I doubt I would even see the money again, and collateral I doubt they have any. I dunno if my dad was ever in a bind I would be the first to step up, and he's got like 5 or 6 kids.

 

[TITTIES AND BEER]

The parent's I know pretty well but just too many red flags, outta nowhere, house for sale, just wrong timing on both ends especially with the holidays coming up. I doubt I would even see the money again, and collateral I doubt they have any. I dunno if my dad was ever in a bind I would be the first to step up, and he's got like 5 or 6 kids.

follow your heart

 

[River911]

Friends dont loan friends money.

 

[2FORCEFULL]

Friends dont loan friends money.

business is business...if people in the business won't do it there's your sign...:drnkfr

 

[Riverbottom]

Friends dont loan friends money.

Exactly !!! Don't do it, if I could recover all the money I have loaned to friends and relatives I could retire.

 

[River911]

Exactly !!! Don't do it, if I could recover all the money I have loaned to friends and relatives I could retire.

I dont loan money to family either. I give what I can if I think the need is legit. But I never ask for it back. So far I've been given $100 out of who knows how many thousands....lol

 

[2Driver]

If he has the balls to ask you for a $1,000 have the balls to look him in the eye and say no.

 

[ultra26shadow]

If he has the balls to ask you for a $1,000 have the balls to look him in the eye and say no.

If I had the cash in my wallet last night I probrobly would have...I don't like carrying cash at all. So doing my research today came to a lot of red flags which right now im happy I didn't. And the only way I found out was on my way home from the bank.

 

[Cole Trickle]

I dont loan money to family either. I give what I can if I think the need is legit. But I never ask for it back. So far I've been given $100 out of who knows how many thousands....lol

Dont do it....

If you really feel the need go the collateral route. I don't want to make it a business decision but i need to sell something to recoup my loss.

Sent from my DROIDX using Tapatalk

 

[Ivan Dan]

I had a really good buddy come to me 2 weeks before Christmas 2 years ago and say he was waiting for a check to clear and needed some cash for presents for his son. I said no problem at all because it was for his son. He had borrowed from me a couple times with no issues. This time it was $1200 and I haven't heard or seen from him since. It really makes me sad that he valued our friendship as little as $1200.

 

[Abc123]

IF I loan someone money I pretty much consider it gone. I don't like payments, prefer it in one lump sum just like I lent it. If they pay it back then it's like a bonus check.

I agree, my parents told me this when I was in high school and got my first job when my jobless friends wanted to borrow money or want me to pay for them for stuff. I never got in the habit of loaning to friends or family money because of it. I'll lend to other people though, but like 2FF I want some collateral and I want interest back. Or i'll tell them to sell me something where I come up. For example: a few months ago my buddy wanted to borrow $100. He had one of those bad ass gas powered RC trophy trucks in his garage. I told him to sell it to me for $100. I gave him the money, put the RC truck on CL and sold it for $175.

 

[Rvrluvr]

Any of you ballers wanna loan me $75k? I promise I will pay it back. I have a huge emergency I need to cover quick. I'm also gonna need a gas card to fill it every other week when Im at the river. I promise Im good for it

 

[2FORCEFULL]

Any of you ballers wanna loan me $75k? I promise I will pay it back. I have a huge emergency I need to cover quick. I'm also gonna need a gas card to fill it every other week when Im at the river. I promise Im good for it

in boards or out boards??any pics??

 

[PVHCA]

Not sure if many of you that stated you would never loan family money are just related to dead beats or have no sense of family. In the past I've loaned to or borrowed from family members I've been paid back and have paid back as promised. Certain friends I will loan money too, and certain people I will not, if their not close friends I wouldn't even think of it. The last few years in dealing with my seperation there have been 2 occasions that I've needed cash, couldn't take it from my business and didn't want the wife to know so I borrowed the money from my brother, paid him back as promised. I've also loaned money 3 different times and like clock work been paid back, maybe I'm lucky but I have been burned as well so I pick who I will loan money to.

 

[River911]

Not sure if many of you that stated you would never loan family money are just related to dead beats or have no sense of family.

lol yeah all are dead beats and none of us (except you) have any sense of family.

 

[Magic28]

I never lend friends unsecured money unless it's a really good friend at $100 or less. That fastest way to lose a friend is to lend them a lot of money.

I will lend immediate family money if I can afford it, but I never ask for it back. It becomes next years Xmas gift when they dont repay, lol.

For sure I would never lend a friends parents money as an unsecured loan. If you want to help the guy out, and he actually intends on paying you back then he should have no problem signing over some collateral that is at least 5x the loan amount, much like a Pawn Loan. (Make sure he signs it over to you, and also leaves the collateral in your possesion until the loan is repayed, so he can't skip out) If he skips out do what 2FF suggested, put that fucker on e-bay !

 

[Rvrluvr]

in boards or out boards??any pics??

Inboards. 525's. On my phone so i cant post pix

 

[mbrown2]

I dont loan money to family either. I give what I can if I think the need is legit. But I never ask for it back. So far I've been given $100 out of who knows how many thousands....lol

True...

I like Steve's (2Forcefull) advice on the casual friend....but I would rather just not get involved in the transaction if they are a casual friend.

But family and lifelong friends...I give it if I have it....grumble internally and know I will never see it again....then smile and move on knowing I tried and I am able to keep the friendship....some are have's/some are have nots for whatever reason and if I have it I will give it.....I have been fortunate so I try when I can....Good luck Ultra...

 

[McRib]

Interesting thread. Ive never welched on a loan myself and suprisingly ive never been burnt either. I dont mind lending money if I have it. Just be truthful about it my jobless sister has needed help lately due to no job. I wont give her cash but ill buy her and her kids groceryd at the store. Or gas in her tank. She doesent pay it all back but she tries. 20 here 30 there. I end up telling her to keep it just cause she offered it

 

[BajaMike]

I would't loan him the money.....too many red flags. If he's loosing his house, $1000 isn't enough to do anything.

 

[Tom Brown]

Another friend came to me years ago needing money to pay for an abortion for some girl he knocked up. Now I'm not really for abortions but this guy and the girl were in no shape to take care of a kid. It was a real tough decision but I paid for it. 6 months later it happened again. And he never payed me back for the first one. Ya haven't seen him since either.

Could you loan me some money for union dues?

 

[HavasuHank]

i have lent money to friends. been burnt once. i co-signed for a truck for an old friend of mine about 10 years ago. he was turning his life around ... been in and out jail ... dealing with drugs and shit. i bought my first house and he moved in with me after realizing how much he had fucked up in the past ... got himself a job and was doing great for about a year. ended up getting into some shit and went back to jail for about a week or 2. he was still able to pay for the truck during that time.

fast forward 6 months ... i am laying in bed one morning and the phone rings. it turns out that my friend had stopped making payments on the truck, for the past 3 months. in fact, he decided to just stop working all together. on top of that, he decided he wanted to sit around and drink all day. he didn't last much longer in that house ... he got the boot and i kept the truck.

i have no problem lending money to my immediate family ... and i have. i make sure i wont get burned again.

now, i don't have a problem lending my close friends money, but only the ones that i know would do the same for me if i was ever in a pinch. those friends know who they are

 

[allblowdup]

i have lent money a few times to friends and it always took forever to get it back. I would have to pester the hell out of them to get it. I have given credit on jobs I have done for them to friends before and 90% of the time I have gotten screwed in some way. Just finished getting screwed on a rebiult engine that the guy hooked up the oil lines backwards and dumped all the crap from the oil cooler into the motor because he never cleaned it. He just told me that the engine must have been no good because it didn't have any oil pressure when it was warm. (no kidding). Told me to get bent and now I'm out 6000.00. So never again for me for money or credit.

Had an employee that I caught stealing in my retail business. I could have fired him and called the cops but then he would get charged and I would get an audit (because I have to pay taxes on the money that was stolen) plus I would never get the money back as the guy has nothing. The only way I worked it out was to fire him in one place and hire him in my steel business and make him make payments to me with interest and basically blackmail him by telling him if he didn't my first phone call was to the cops about him and his wife as she new about it. Most people are crooks when given the chance but have know problem being honest if they are forced to be. DON"T lend money to anyone unless you are protected. There is a reason that they don't have any.

 

[mjc]

Exactly !!! Don't do it, if I could recover all the money I have loaned to friends and relatives I could retire.

X2

 

[Tamalewagon]

Something else to consider...with his home up for sale, he may be trying to hold off a foreclosure and the $1000 may give him enough time to complete the sale if he has an offer on the table. Talk to him and ask him direct (possibly uncomfortable) questions. You are lending him your money so you deserve straight answers. Ask for his realtors phone number to inquire whether or not there is an offer in place.

Just my .02.

 

[PVHCA]

lol yeah all are dead beats and none of us (except you) have any sense of family.

I musta hit a nerve, LOL!!

Wasn't pointing any fingers B.T.W.

You need to start drinking!!

 

[ultra26shadow]

Something else to consider...with his home up for sale, he may be trying to hold off a foreclosure and the $1000 may give him enough time to complete the sale if he has an offer on the table. Talk to him and ask him direct (possibly uncomfortable) questions. You are lending him your money so you deserve straight answers. Ask for his realtors phone number to inquire whether or not there is an offer in place.

Just my .02.

Thanks:thumbsup

 

[just_floatin]

X2

X3

My college roommate from Sacramento Ca. moved back home shortly after graduation. He calls me two months later asking if I would loan him 500 dollars to drive back to Arizona, find a job and back pay me rent for the length of stay at my place. I agreed. After all we were college buds right?

Long story short, he arrived in AZ, found a job, a new girlfriend and moved out within two months of his stay at my condo. He paid me 250 dollars of the 900 owed to me. What sucked is I badgered him for the 250. I swear it was like pulling fricken teeth.

Anyway, I have not heard from him since. A lost friendship and a few bucks to boot. In the end, I valued our friendship more than the money lost.

Chalked Up as a "Lesson Learned" and have never loaned money to a friend ever since. Fool me Once......

 

[Bails]

funny this topic is up today. I was thinking about it this morning.

College buddy of mine sold his business in Chicago as it was to cold for him. He moved out to Dana Point about 18 months ago and opened a new business (personal training gym). The kind of friend you talk to on the phone about once a month and see a couple times a year. six months ago he calls me and says he is asking all his friends for money to get over the hump on the business, says he can't afford to pay the rent and advertise. If he can't advertise he can't get new clients, vicious circle kind of thing. Says he's looking to put together 7 thousand.
He wants the money for six months and will pay it back with interest. I decide to loan him 2 thousand, as I figure thats as high as I can go without wanting to kill him if he dosen't pay me back. So I'm prepared to never see the money again.
So we are at the 6 month point, can you guess how many times I've talked to the guy since I gave him the money? four times.
The first month or two we talked regularly. Two months ago I called him to catch up and the first thing he says to me is he still has two months to pay up.

I loaned him the money knowing that I may never see it again and the worst part, wether he pays or not it has already damaged the friendship.

 

[River911]

I musta hit a nerve, LOL!!

Wasn't pointing any fingers B.T.W.

You need to start drinking!!

Dang you got me all figured out

 

[SloWhacker]

Been burned bad recently.Nvr saw it coming.I hav friends who are uber ballers. I would nvr even think of asking them for $$$$.One of them told me he has been lending money with their homes as collateral.In 20 yrs he has nvr had anyone not pay him back.

 

[PVHCA]

Dang you got me all figured out

Easy as 1,2,3!!:blah::blah:

 

[mbrown2]

I loaned him the money knowing that I may never see it again and the worst part, wether he pays or not it has already damaged the friendship.

That is the sucky part right there...

 

[Old Texan]

There are benefits to loaning money. If you have somebody in your life you can't stand but must deal with due to a relationship or something, loan them money and they'll avoid you forever. Small price to pay to get rid of a-holes.:skull

Other than that the old adage never a borrower or a lender be. If you must borrow, that's why they make banks. If someone can't get credit or has nothing to pawn, most are just looking at you as an easy mark. I've learned over the years saying no is cheaper as they will now be mad at you and likely aren't what you want in a friend anyway.

The other thing I've been amazed with is all the damned excuses they come up with not to pay you, but have the money to spend on other stuff. You give them what they ask for up front with all the promises and then they want to piecemeal it back over long periods of time.

And don't loan tools or other items. Same deal. Asked a guy once whatever happened to the circular saw I had loaned him a couple years back. He had the gall to tell me he loaned it to his brother in law and it "wore out" in the middle of a job, so he threw it away and bought a new one. He looked at me kinda strange when I asked him what brand was the replacement they'd bought for me......

 

[Tom Brown]

Anyone who has ever had a friend or family member who was in trouble and needed money, gave them a couple of hundred, and then watched them drive straight to the bar.... probably has a good idea of my position on this subject.

 

[BadPoor313]

Only dealt with this kind of situation twice. First time my good friend needed 500 to buy a car. He had just got a DUI and was trying to get his life back together. So I loaned him the 500 and 2 days later he totaled the car on Somas. Luckily he still did pay me back the full 500. If he came to me again I would never loan him anymore money. Second time I sold my dirtbike to a close buddy for 700. He didnt have the money so we wrote up a contract to have him pay me within 6 months. The title was never transfered to him until he paid me in full but it took him 2 years to finally pay me off and like others have said it was like pulling teeth. Even though I was paid in full both times I will never loan money to any of my friends again.

 

[2Driver]

I had a really good buddy come to me 2 weeks before Christmas 2 years ago and say he was waiting for a check to clear and needed some cash for presents for his son. I said no problem at all because it was for his son. He had borrowed from me a couple times with no issues. This time it was $1200 and I haven't heard or seen from him since. It really makes me sad that he valued our friendship as little as $1200.

Dan, just invite him out in the Fabtech truck.

5 point his ass in the passenger seat and dont let off the throttle until he crys for you to take you to the bank to get the money.

 

[Wavemaker]

While reading this thread...someone rang my doorbell. I hesitated to answer the door as I didn't see a friends car in my driveway or parked in front of my house, knowing both of the next door neighbors are away at their jobs. I hear my screen door open and then hear hard knocking on my solid oak front door. I ask thru the door, whom is there and what is the nature of their business with me? A male voice said he is seeking to collect contributions (money) for himself and his friends to travel to Europe to play basketball!!! I ask him if he is serious, and if he has a city permit to show me for is solicitation efforts? He said "no permit is required" and I (lying) replied "I am a cop, and a permit is in fact required in this city." He beat feet off my porch and ran across my lawn real quick. I watched him from my front window. He looked to be nearly seven feet tall, and spoke with a speech impedimate. I phoned the police department to have a cop come to the neighborhood and check this guy out.
If someone wants to borrow or asks for a donation and their story of thier needs or cause sounds short of details or fishy, it probably is. Beware! Scams need two parties, the scammer and the victim.