Do you recommend giving loans?

[Yusuf1]

I have borrowed my friend a loan in the past and he refused to pay back the loan which is very disheartening to me. However, I really don't see myself doing that again unless am very sure I will get the money back

 

[Emmy]

Though I have given loan to friends without formal agreement because I thought they would repay in love but reverse is the case. However, we just have to give free loan sometimes as being considerate.

 

[tyrim88]

Do you recommend giving loans to friends, family, or somebody you know without a formal repayment agreement, that you might get from a bank, for example? Has anybody done this before? What were your experiences?

These are things that we encounter as friends and family members.there are some persons with a genuine needs of cash to pursue a legitimate business or personal course,Most times tou would not refuse or try to do aformal agreement with such close person,the best you can do is to assist,but mainly with what you can afford.And very important,if you cannot forgo that money in the future don't give it out.

 

[Ralphjoe]

I don't recommend giving loans to friends,family or somebody i know without a formal repayment aggrement,because i ones did that for a friend of mine,but he has not even call or care to repay,so i don't think i will be able to do that again,i have learnt my lesson

I couldn't agree more with you as I know that once you give loans to friends family and those people that are close to you it will be quite difficult for you to get this money back as this people will tell you that they are your family and so you should be able to forgive their debt.

 

[Bousine123]

If it's up to your financial capability, then you can do it. But you should be aware that it comes with a lot of disadvantages. Like breaking relationship.

 

[Shigobad20201]

Theres nothing bad in giving loand to friends and family, but you just need to make sure you follow due process by involving your lawyers into getting them sign agreement before taking the loan.

I don't recommend giving loans to friends,family or somebody i know without a formal repayment aggrement,because i ones did that for a friend of mine,but he has not even call or care to repay,so i don't think i will be able to do that again,i have learnt my lesson

 

[Jlife]

If it's up to your financial capability, then you can do it. But you should be aware that it comes with a lot of disadvantages. Like breaking relationship.

Don't generally is not good for you to give it out especially to people that you are not trusting because there may be little possibilities of them paying back the loans they have collected, it's a risk.

 

[Mayox25]

Giving loans to friends and family without formal written agreement as to how to repay is a very tricky one, because that family or friend may take it for granted. But if anyone can do a formal written agreement before giving out loans is very good if only just to make that beneficiary to be serious in making success out of the intended business venture that they need such loans for.

 

[Ceeny007]

It always end in tears because you're not backed by law since you're not a financial institution and you can't get one arrested for owing you

 

[Alexandoy]

It always end in tears because you're not backed by law since you're not a financial institution and you can't get one arrested for owing you

That is a good point. You lend money and afterwards they will avoid you. The result is that you lost not only money but you also lost a relative or a friend because of the loan.

 

[Kvngsammy]

The thing about lending money isn't the lending process but the recovery process. A lot of people I don't know why are so reluctant or feel so unconcerned when it comes to repayment of loans.
If I want to give anyone loan, I'll collect some tangible documents as collateral

 

[Georgeadawara1]

No I don’t recommend giving loan because it would be better to invest them in other sectors such as cryptors or even to trade with them because giving loan can fail you and it’s need trust

 

[Snazzy001]

Giving loans is not bad at all but you need to check the status of the person you are giving the loans to and the person's possible sources of incomes

 

[Bookwormlux1]

I only give out when I want to help, but I do not think it is good to even think of waiting for the person to repay you because most would disappoint you.

 

[Alisco]

I don't like giving loan to friends and my family or stranger to avoid problem during paying back I give money to whoever that ask for a loan even if is not up to the amount you requested I will asked you to take that one freely

 

[Kubiat-Abasi]

No! It is only advisable if you know you're willing to forgo the money if it doesn't pan out well. I've been in such situations and it created a chaos so I will not advise it!

 

[Skysaint]

It depends on the terms and what he intends to do with it. To start a business or to develop a business, I will advice him or her against the former but if he insists then I would demand for a collateral

 

[Ghost1]

I would recommend giving out loans. If you have the cash you are not willing to use anytime soon And there's some one in need of it for business, why not just give it out on loan plus you'd get interest. Make sure you have a worthy collateral

 

[Heatman]

From the little experiences that I've had with giving loan to my family members or friends that late if it's something that would never advise another person to do because over 90% of them eventually doesn't pay back.

 

[Sotherefore]

People who are capable of giving out long should try as much as possible to do it because they are helping some people but personally I won't be able to give out money as a loan .I only be able to give out the amount of money I know I will not need it again that is all.