Yes, I loaned $500 to my stepdad so he could start a business. The business lasted about 6 months and I didn't get my "investment" back, so we both lost money. That was decades ago and I haven't lent money to family since that incident.
My father created loans for his 4 children for cars and home purchases which we all paid back on regular payments. I am doing the same for my daughters.
I loaned money to my brother once several years ago, and though it ended up okay in the end, it out more strain on the relationship than I would have preferred. I don't like having hard feelings over money.
I have loaned money to family and friends and the only thing that makes it work for me is that I have a personal rule not to loan anything I'm not prepared never to see again. This has proved useful and sad in that I never did get back any of the money. I do have a rule though not to lend a second time unless the first debt is paid.
Please tell us the story of how you were able to make your way without the loan. You found your way out without his charity. Sounds like the best outcome to me.
I've never loaned money to friends or family. As my parents taught me, it is generally not a good idea to loan money with expectations of getting it back (they both had bad experiences), better to gift it if you want to help out.
Yes - several times to my younger sister who has yet to pay me back. As a commenter below said,"but my rule about loaning money is that it's an amount I don't mind parting with in case I don't get it back."
I have not loaned money to family members, but part of that was not having money to lend! I'm not sure I would consider lending the money; I'd rather think of it as a gift to avoid the pitfalls of how I'd feel if I was never paid back.
No I have never loaned money to a relative.
I've never had family ask
Yes, I loaned $500 to my stepdad so he could start a business. The business lasted about 6 months and I didn't get my "investment" back, so we both lost money. That was decades ago and I haven't lent money to family since that incident.
My father created loans for his 4 children for cars and home purchases which we all paid back on regular payments. I am doing the same for my daughters.
No I have never lent money to family before.
Yes I have. Big mistake I got some back but not all of it.
No way, Jose! Too much drama. I would just give it as a gift and not expect it back...
I can't say it better than Karen Patterson did in her comment: "Only to my adult children - and got most of it back!"
I loaned money to my brother once several years ago, and though it ended up okay in the end, it out more strain on the relationship than I would have preferred. I don't like having hard feelings over money.
I have loaned money to family and friends and the only thing that makes it work for me is that I have a personal rule not to loan anything I'm not prepared never to see again. This has proved useful and sad in that I never did get back any of the money. I do have a rule though not to lend a second time unless the first debt is paid.
Please tell us the story of how you were able to make your way without the loan. You found your way out without his charity. Sounds like the best outcome to me.
Yes I have loaned money to family and many times it doesn't turn out good.
No I have never loaned money to anyone before mostly because I don't have money to loan out!
I have not loaned money to family. I have given money as a gift but never loaned it. Makes for better relationships that way.
Yes, I have loaned money to immediate family and only a few close friends. I got most of it back, so all good.
yes I have. Uncle's house burned, as a kid I gave all the money I had to them.
Yes I have, to my brother and he paid back in full.
I've done it, and it worked out, but I can see how sensitive it could be. I definitely would not recommend it!
I haven't lent money to family before.
I've never loaned money to friends or family. As my parents taught me, it is generally not a good idea to loan money with expectations of getting it back (they both had bad experiences), better to gift it if you want to help out.
Yes - several times to my younger sister who has yet to pay me back. As a commenter below said,"but my rule about loaning money is that it's an amount I don't mind parting with in case I don't get it back."
I have not loaned money before.
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No, I've never loaned money to a family member. They are better off than me, so they wouldn't ask.
I have not loaned money to family members, but part of that was not having money to lend! I'm not sure I would consider lending the money; I'd rather think of it as a gift to avoid the pitfalls of how I'd feel if I was never paid back.