Lending to Friends
If a friend or family member asks to borrow money from you, what would you do?
Everyone likes to try and help others where they can, but if you really can’t spare any money you need to be able to say no. A genuine friend should understand and accept your position without hurting the friendship.
If you can afford to help a friend out, consider a few things:
- Would you expect to be repaid?
- If so, when?
- What will happen if they are never able to repay you, or just decide not to?
Have a discussion about these things and unforseen circumstances with your friend before lending them money, so you both have a good understanding of the terms.
Other ways to help:
Instead of giving money, try suggesting these affordable finance options, or suggest calling a financial counsellor