Loaning Money to Family

• GoChiefs

  

  If it's one of the responsible family members..I have no problem with it. If it's one of the family members that blow there money all the time on stupid crap..then no..I don't let them borrow anything.
• gerb131

  

  I don't care to loan people money but sometimes you have to. As long as you get it in writing you should be ok.
• beenthere/donethat

  To me, a loan is something you expect to be paid back. If you want to help ensure that, draw up a simple promissory note for them to sign. It does not need to include interest, and you can put whatever terms or payment plans you want to include.
  
  If you're not concerned with being paid back, then you are giving it to them (as a gift) rather than loaning it to them.
  
  I've seen all kinds of family squabbles over supposedly loans or gifts of money that some siblings may have received over other siblings by parents. It isn't pretty.
• Manhattan Buckeye

  The issue with putting it in writing is that if you don't intend to enforce it, why bother?
  
  If you do intend to enforce it, family members taking each other to court is usually not a good thing.
• beenthere/donethat

  Family members squabbling over money lent & never being repaid isn't a good thing either. I've seen many families ruined because siblings disagree on how loans from parents to other siblings were handled or not handled due to nothing being signed.
  
  If it's a loan, I'd still recommend it be put in writing, depending on the amount - it's then your choice whether or not or when you want it enforced, but be upfront w/the person your loaning it to too.
• Fab1b

  

  I will only loan to my mom. My brother and sister no way!! Now the occasional few dollars ok but big money no freaking way!
• 1_beast

  

  yup...im in the same boat. My brother jusk asked for 600 bones. He need propane(thats what they heat with) and at the current rate, the minimum the company will deliver amounts to 500-600 bucks. hate to say no...its winter....but damn i wish he would learn to be responsible...hes 35 , married with children. But i cant see my niece and nephews do without.
  
  ARRRGGGHHHH
• gport_tennis

  I dont have any problems loaning money to family.
• se-alum

  

  No I just give it b/c I know it most likely isn't getting repaid.

  Holy shit....I'm actually agreeing w/ Zwick!! I just give it to them, and if they want to pay it back, they will! I'm a single guy w/ a good job, so it's easy for me to be rather free w/ my money, and I'm all about helpin' someone out, but I'm not gonna help anyone get a free ride, not even family!
• fan_from_texas

  Con_Alma wrote: I have done it and will do it again. I only loan what I can lose.
  
  There's a fine line between enabling them for future irresponsibility and helping them out. So far I don't think I have enabled them but I have always said yes. I never asked for it back and each time they eventually came to me and paid it back....once over a very extended period of time.

  This.
• Tiernan

  Loaned a grand to my worthless brother 11 yrs ago and haven't seen a red cent paid back. Also he never comes around becuz he knows what a schmuck he is...best $1,000 I ever spent!
• Timber

  I have never had to....
  
  I would loan money to family/friends if I knew I was not enabling a drug/gambling habit.
  
  I would probably put a verbal qualifier on it such as... "I will do it this time" Hoping they do not continually use me as a money tree.
  
  Who knows... if it was family and they really needed it, I do not see myself being able to say no... As long as I had the cashola to lose.
  
  Both of my parents are deceased, but I would love nothing more for one of them to call me wanting a loan. For all they did for me, it would make my day to be able to help them. (No drugs, alcohol or gambling issues)