Do you recommend giving loans?

[Ralphjoe]

you can't really know who's going to pay and who's not, giving loans might unfortunately ruin your relationship with people because some people are just not that serious to pay back

The idea of giving out business loan is not attractive to me simply because there are 10 days is off you going into bad debt which is very bad for a business at it can tie down your business capital.

 

[Immilash]

Well for me I have never been in such case but I think it depends on the person you are giving the loan to, sometimes giving loans to a family member is dangerous ,you will give him or her ,and at the end of the day they won't pay you back.it depends.

 

[Kunkun]

Not that I wouldn't recommend giving out loans because there are indeed honest people out so totally refusing to because of done dishonest folks isn't good enough for me provided the means is available

 

[joy101]

I don't recommend giving loan to any relation without any formal repayment because is very important because sometimes you can find it difficult to get back the loan.

 

[Setho]

I can only recommend that you should give out loans if the person you are lending to has a reliable way in which they can pay you back and they are going to use it for something straightforward.

 

[Shigobad20201]

Giving out loans to friends and family is not adviseable in my own opinion because there's nothing you can do if they decided not to pay back after getting the loan,

 

[Essy]

Debt is a good way to run the activities of a business's given the high amount of capital it can take one to start a business but debt can also be bad if the business isn't providing enough money to pay back the debt which is why I would only give loans to a business I am sure the business can provide good money to pay back

 

[Peskyblaise]

It's not advisable to give loan to people who are close to you without any formal agreement because it will get to a point he will want to compromise because of the familiarity

 

[Good-Person]

I would never give out loans to anyone without a formal agreement.
Some people refuse to repay the loans they have received timely.
Recieving loans from the bank has its challenges as well; one may not be able to secure a collateral, repay the principal, etc.

I am quite sure that no one will ever give loans without any documentation or written agreement that has been signed by both the parties. Some people do give loans to others without written agreement if the person is just too close to him. Some examples include relatives or family friends.

 

[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 do not recommend people giving out nose as people are so untrustworthy these days that they will come to you with years begging him for loans and at the end of the day after you have given them the loans they will not want to pay back again because they will not feel that that amount that they used to pay you back they can use it to do another thing more better.

 

[Lens]

I don't give out loan to friends. When I was financially buoyant , some of the would come to me for loan, but I usually give what I can't afford to lose . Because, they may end up not paying just because we are friends or family. My advice is to give family or friends an amount you can afford to lose.

 

[YERUS]

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?

I once gave out a small loan to a family member, that was sometime in 2018.
There was no legal binding because i was dealing with a family member.
Today, the money has not been recovered...not a dime.
I really regret doing that, and it will be very difficult for me to give out loans to people.

 

[skyliequiz]

It all depends on why you're taking out the loan in the first place. Yes, if it is to purchase something that will appreciate more than the loan costs. If it is to purchase a consumable that will be used before the debt is paid off, then no.

 

[Ellamma]

Be it loaning or borrowing money, both are risky. For me, I can't loan any amount of money that I can't bear to lose because people are cunning.

 

[kayode10]

You can give us the loan if it happens that it is still within your capacity. You must also trust the person and have believed that the person can return the money.

 

[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

Well I do not also recommend giving out loans to people because people are mostly not honest when it comes to then paying off their loans as most people would definitely not want to use their money to pay off loans as they will be thinking that they can use that money to do a better thing rather than servicing their loans.

 

[Adebayonle7]

I do not recommend giving loans to families or friends, i used to do this in previous times, some of the loans fell into bad debts as i lost contact with such friends, as for those i still contact, it took a long time for them to pay back, some haven't paid back in full as i write.

 

[eLdavis]

Giving out loans to friends and family is not adviseable in my own opinion because there's nothing you can do if they decided not to pay back after getting the loan,

True, giving out loans to friends and family and they refuse to pay can be really frustrating most times, by the time they don't pay, you have no choice. You can only get angry but you cannot really take any action especially if they are your family members.

 

[skyliequiz]

I don't suggest it since loans aren't particularly flexible you might find yourself paying interest on cash you don't utilize. If your clients do not pay you on time, you may have difficulty paying monthly payments, producing cashflow issues.

 

[Seno inyang]

Yes and yes, I recommend giving of loans to those who needs it as a need may arise especially an emergency need at that time but as a business, I will say that before you give out a loan try as much as possible to know the income situation of your customers and get their accurate and necessary details, also try and operate an auto debit so you don't have to run after your customers to pay back.