Do you recommend giving loans?

[Ceeny007]

I don't know about your country but in my country only financial institutions are certified to give out loans,as an individual you can't give out loans

 

[tyrim88]

Concerning if I recommend giving out loans to my friends,family or relatives. Well, there is actually no problem about giving out loans to family or friends but there is a way you can level their capacity before giving out the loan. If you know the person is trustworthy and capable of paying back, you can go ahead and if not, there is no need to give out the loan

When it comes to the issue of giving out loans especially to close family and friends,the situation should be base on the fact that we can forgo the money if the individual did not return the money,this is to avoid strain relationship.

 

[Ghost1]

Concerning if I recommend giving out loans to my friends,family or relatives. Well, there is actually no problem about giving out loans to family or friends but there is a way you can level their capacity before giving out the loan. If you know the person is trustworthy and capable of paying back, you can go ahead and if not, there is no need to give out the loan

One should not just give out loans just because hes family. Family doesn't pay bills money does, I've witnessed a family member refused to pay back loan

 

[Josan]

I don't have any problem any body with giving out loans, but one thing remains, a follow up after proper agreement should always be done.

 

[Toyoabasi]

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 loaned some money to a friend few years back without formal repayment agreement.
She has refused to repay up till now.
I would advice loan givers never to give out loans without a formal repayment agreement.

 

[McIrx]

No, I will never recommend this. I've been on both sides of the divide so I know it's not good for the owner of the money and the person to be borrowed the money. The chance of paying back the money is less than 30% and this leads to mounting problems.

 

[Savkid]

Yeah I recommend loan giving although it risky but at least it good because it helps others in need and that loan you gave might be life saving for that person

 

[Ghost1]

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

This is why one shouldn't even consider this. They come with tears and when it's time to pay back they let you down. If the money is too much for you to lose then don't loan it out

 

[MOY247]

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?

It depends majorly on the kind of person, what they need it for and how hardworking they are. If I want to loan you, it must be something I can easily forgo if you do not pay it back but if not I have to be sure that you would pay the money back. By the way, I can't loan a friend money... because they might not pay it back

 

[Bright7777]

In the situation were you have a lot of ideal money which yo don't have use for then you can give them out one loan with interest but you have to make sure that you are giving it to honest people who will payback.

 

[skyliequiz]

No, because loans aren't particularly flexible, you could end 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.

 

[nimzy]

I recommend given out loans most especially to those kind of individuals who are very serious in business and they needed aid in other to promote their business ideas. to some extent is also to your advantage you the lender in terms of interest.

 

[Godspower]

Giving out a loan to a friend or a family member can be a dicey situation, because if such a person defaults, it might be difficult to recover such loans without a strain in relations with the person.

 

[Essy]

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

I guess that's why they say money is a root of evil, when money comes into play friendship of years seems to be out of play but it's important to know your place in a relationship and build trust over time with financial issues which may grow over time.

 

[Tislad]

Without a formal repayment agreement I would say I don't recommended the only people I recommend those type of loan are your staffs because at the end of the month you are to pay them.

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?

 

[Patobobby]

I will always recommend loan giving be it close person or otherwise but with collateral (valuable item) to keep the person reminded of his debt.

 

[Partisan]

You can give out loan if you have good collateral to keep because this contract will help you get your money back in case the person collecting the loan fails to pay back so no need to lucrative business and it can pay you if you do it well

 

[JoeTom]

Yes, I know very well that I've always been giving out loans without proper agreement. Some I know has not been landing well and some I know has been landing well.

 

[Shigobad20201]

Theres nothing bad about giving out loans, in fact its a good business for loan sharks because they makes good returns from it , but its preferable to have a proper agreement before giving out loans.

 

[Heatman]

Giving out loan to your family member without a proper repayment agreement it's a bad decision for anyone to take, business is supposed to be done according to the normal procedure.

Personally, once I give out money of any kind to my family and friends, it's considered a lost money because there is no way I will be getting the money back as they will never pay for it.