Ask For Advice
Page 1 of 6 1234 ... LastLast
Results 1 to 10 of 55

Thread: Have you ever loaned money to a friend?

  1. #1
    force
    Silver Member force's Avatar
    Join Date
    Nov 2008
    Posts
    357
    Gender
    Female
    Thanked
    33

    Have you ever loaned money to a friend?

    So my good female friend needed a loan last year and wanted me to ask my guy friend (who loans money) if she could get a loan of $800.00 from him. He said yes and loaned her the money and he even got collateral from her which was a diamond ring and bracelet, then had her sign a promissory note saying if she doesn't pay the interest within that month he can sell the collateral. I later asked him if I could just take over the loan since I had the money and he said I could if I wanted. So I did. I never told her I took over the loan because I decided it would be better to keep money and friendship separate so she still thinks she has the loan from my friend so believes I just collect from her to give to him.

    So I have been collecting the interest from her every month plus whatever she can pay in principal then I have her sign a paper saying she paid this amount on this date and the remaining balance. So I haven't received any payment for Dec. so I messaged her that it was time for her payment and she tries to say she already paid for Dec. So we go back and forth and she reluctantly says she'll give it to me this week. She tried to say she gave me the money the middle of Dec. and I didn't have her sign the receipt and I said I always have you sign a receipt. She tried to say that I said don't worry about the receipt. I ALWAYS have her sign the receipt.

    WTH?? Does she really think she paid me?? I have all the receipts and even have all the money she paid in a drawer. I have NOTHING for Dec. The bad thing about all this is she's only paid $100 in principal since last July and the rest has been to just cover the interest for the month. I stood my ground and said I don't have it. Now I feel like she's pissed off at me. She paid the last Payment at the end of Nov. so I think she's getting confused with Nov./Dec.

    I hate to see this affect our friendship. Am I handling this right? Any suggestions? Advice? I'm really irritated

  2. #2
    ~Seraphim ~
    Forum Supporter ~Seraphim ~'s Avatar
    Join Date
    Jul 2006
    Location
    Out of suffering have emerged the strongest souls; the most massive characters are seared
    Age
    50
    Posts
    30,556
    Gender
    Female
    Thanked
    4411
    Is your buddy a loan shark?

  3. #3
    mustlovedogs
    Gold Member mustlovedogs's Avatar
    Join Date
    Feb 2016
    Posts
    926
    Thanked
    700
    IMO, you shouldn't charge interest to a friend. Or at least not a lot. If her payments are just covering interest and not principal, you're overcharging. You should ask her nicely to double check to be sure if she actually did pay. But if she's adamant that she did, it may be worth to take it as a loss (what's the monthly anyway?) if her friendship is worth more than that monthly payment.

  4. Thanks j.man, Hollyj thanked for this post
  5. #4
    Hollyj
    Platinum Member
    Join Date
    Dec 2007
    Posts
    9,478
    Thanked
    3389
    I'm curious as to why you didn't tell her? What is the interest rate?

  6. #5
    ~Seraphim ~
    Forum Supporter ~Seraphim ~'s Avatar
    Join Date
    Jul 2006
    Location
    Out of suffering have emerged the strongest souls; the most massive characters are seared
    Age
    50
    Posts
    30,556
    Gender
    Female
    Thanked
    4411
    If the interest is so high she can't even pay the loan that's Usury . If you can't afford to let the money go when you loan it to a friend never loan it .

  7. Thanks Hollyj, j.man thanked for this post
  8. #6
    Fudgie
    Forum Supporter Fudgie's Avatar
    Join Date
    Mar 2010
    Posts
    14,880
    Gender
    Female
    Thanked
    2124
    I don't loan money to friends, personally. Why did you get involved with these two and their money disputes? You must love drama.

  9. #7
    ~Seraphim ~
    Forum Supporter ~Seraphim ~'s Avatar
    Join Date
    Jul 2006
    Location
    Out of suffering have emerged the strongest souls; the most massive characters are seared
    Age
    50
    Posts
    30,556
    Gender
    Female
    Thanked
    4411
    Usury (/ˈjuːʒəri/) is, as defined today, the practice of making unethical or immoral monetary loans that unfairly enrich the lender. Originally, usury meant interest of any kind. A loan may be considered usurious because of excessive or abusive interest rates or other factors.

  10. #8
    j.man
    Platinum Member j.man's Avatar
    Join Date
    Jul 2008
    Posts
    6,025
    Thanked
    6617
    I've loaned money to friends before. I'm extremely, extremely selective about it and don't lend unless I'd be happy enough with the reason that I wouldn't be resentful if they ended up not being able to pay back, or if it was very delayed.

    How much has she paid in total, including the interest?

    IMO, it's shallow... real shallow to loan to a friend with interest, especially on such a low amount. $800 isn't bogging down your investment opportunities.

    I suppose be as rigid as you want, but I don't think at this point there's any half-way between friend and lender. You're either one or the other, and it won't change even after she pays you back.

  11. Thanks ~Seraphim ~, Hollyj thanked for this post
  12. #9
    force
    Silver Member force's Avatar
    Join Date
    Nov 2008
    Posts
    357
    Gender
    Female
    Thanked
    33
    He is not a loan shark but he does provide loans to me and his friends at 5% and MY friends or people I recommend at 10%. He doesn't loan out money often. He just conducts loans professional manner that's why he will do collateral.

  13. #10
    force
    Silver Member force's Avatar
    Join Date
    Nov 2008
    Posts
    357
    Gender
    Female
    Thanked
    33
    I hate to rollover on this loan. Sure she's a friend but if you give someone an inch they take a mile. She knew the terms before she got the loan and agreed to them. This loan was done in a more professional manner. I have a loan out with the same guy friend who loaned her the money and I pay him strictly at the beginning of the month no matter what. He charges me 5%.

  14.  

Page 1 of 6 1234 ... LastLast
Top Threads
Which credit card debt should I start paying first?
Have $500 to pay one first and wanted to ask which one I should pay first The one that I owe $ 700 or $2900? Thanks a lot
I think I messed up my life and I'm only 25:(
I don't know what's wrong with me. I'm 5 months away from getting my BS in IT (option in cybersecurity) and I feel so depressed. My only jobs have
how to not care about what people think
My mother was critical, nothing I did was ever enough. I would spend huge amounts of energy to make her happy and appreciate me. Now, sometimes
career advice for a single mother
hi, I am a single mom of two, i need career advice and tips on how to manage work and life. I get too stressed up at times where I feel I am the only
Boss' Peculiar Behavior
I need help on how to respond / react on my Boss' peculiar behavior. He is new at our department, the 4th manager assigned to us for the past year!!

Expert Advice
Featured Threads
Which credit card debt should I start paying first?
Have $500 to pay one first and wanted to ask which one I should pay first The one that I owe $ 700 or $2900? Thanks a lot
Am I Being Body Shamed by my boyfriend?
Let me just start by saying I am a pretty tiny person. I would say I'm "model-skinny" so to speak, but I don't starve myself by any means. I am
My girlfriend constantly makes flirtatious jokes about other guys to me. Help?
So, my girlfriend constantly (and I mean constantly, we're probably talking maybe 5 times or so every time we hang out?) makes comments about other
He's just not ready?! - What I've learned and your views please
Dear All, I've read so much around this and feel I've made a good strong decision but I'm looking for your thoughts. 4 weeks ago I met a guy
Am I getting cold feet?
My partner and I have been engaged for about a year now and have been together for over three years. We are an older couple so we both know what we
What should I do about my controlling parents?
I am 20, still living with my parents and they control my life. They won't allow me to online date but I do it anyway. They check my phone every day
Should I reach out to him after he disappeared?
I went on handful of dates with a guy, and after our last date I decided not to initiate any more (it was like 50% me before) and see what he does
Ask For Advice

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •