If you have money and friends, the situation is bound to come up sooner or later – your buddy wants to get a loan from you. Should you loan money to a friend? Shakespeare didn’t think so. In Hamlet, ol’ Will has this line: “Neither a borrower nor a lender be; For loan oft loses both itself and friend.” An old Scottish proverb echoes this sentiment: “Lend your money and lose your friend.” Maybe these folks were right about the wisdom of not loaning money to friends, but I haven’t experienced any problems, personally, with making personal loans to pals.
I’ve given short term loans to friends many times, and I’ve never been disappointed. My pals have always paid me back when they said they would. Maybe I’m the exception. I’ve read lots of sad tales of how personal loans have destroyed close friendships. Heck, you see it on court TV shows all the time. Two lifelong best buds will be ready to kill each other over a personal loan. So should you or shouldn’t you loan money to a friend?
I think much of the answer depends on your friend or friends. First of all, don’t even consider loaning money if you don’t know the person well. You should have been in a friendly relationship long enough to have judged the other person’s character accurately. When I loan money to a friend, I’ve decided that the friend is trustworthy and honest. Through time, that pal and I have established a friendship based on trust and mutual respect.
4 Comments
It must not be so officially stated. One should give out of compassion and trust. that is view.
it really depends on the situation. but if a friend begs for you to get him money for a favor then its ur choose to give or not.
This is a very great topic.
I did once and yes didn't payed me back and yes lost friendship.
I can say I had to pay thounsands to lose this kind of friend , which ofcourse proof herself as not be .
I got it like an experience and i am not doing anymore this kind of favours.
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I agree...it depends on the situation, but in most circumstances I will usually loan money to a friend, especially if it's a really good friend of mine. There was probably only one time where I loaned a not-so-close friend money to get his car out of the impound. I felt bad that his car got towed and he didn't have a car to get to work so I loaned him the money to get his car out. Fortunately, he paid me back a week later. I think if you give money and compassion, you will have it returned to you sometime in the future.