10 Reasons Why You Should NOT Lend Money to Friends & Family10 Reasons Why You Should NOT Lend Money to Friends & Family10 Reasons Why You Should NOT Lend Money to Friends & Family10 Reasons Why You Should NOT Lend Money to Friends & FamilyAs Shakespeare wrote, “For loan oft loses both itself and ;. If you lend money to a friend or family member, beware that you may not get your money back and your relationship may never go back to normal. This will cause tension between you and the borrower, and may also cause guilt, remorse, and ;· If you need some convincing, here are six reasons why lending money to friends or family is a bad idea. 1) You’re a last resort They’re likely coming to you because they can’t get a loan 18/06/2021 · You may not even have extra money to lend someone else without compromising your long-term (or short-term) financial situation. Lending money to a friend could delay or postpone future plans if you aren’t careful. You may have to prioritize yourself and your family. Loaning money isn’t the best option if it will put you in a financial bind, too. ;· You May Need the Money Never lend money that you’ll need in the immediate future. For example, if your friend needs $200, but the only cash available is for your rent or mortgage that’s due in the next couple of weeks, you’re better off telling the person you can’t ;· If you’ve ever lent money to a friend or family member hoping to see it again, you’re not alone. According to Bankrate’s 2019 Lending Money Survey, 60% of Americans have helped loved ones with the expectation of being paid back. [] Unfortunately, the reality is that you may never see that money ;· A wise man once said, instead of lending money to a friend, rather gift him or her with it. Here are some of the reasons why you shouldn't lend money to your friends: 1. It is difficult to demand it back. When you lend money to a friend, it is very difficult to demand it back as this will automatically lead to the breaking of your you should never lend money to friends? If the borrower doesn't repay, you can lose your money and damage an important personal relationship. … Lending money to a family member or friend is a risky proposition, one that could end very badly. You could lose your money and wreck an important you should never lend money to friends? If the borrower doesn't repay, you can lose your money and damage an important personal relationship. … Lending money to a family member or friend is a risky proposition, one that could end very badly. You could lose your money and wreck an important relationship.
