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Old 01-31-2015, 01:17 PM   #1
what manner of phaggotry is this
 
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Lending money

No not another scammed thread.

But because of the scammed threads.... IF you were going to lend money to someone you know, what would be the proper way of going about it?

Would a simple agreement showing your name and info, the borrowers name and info, the amount borrowed, and the agreed payback terms, date, and signatures be sufficient? Does it need to be notarized? Or is that agreement not even worth the paper its written on?

Im not talking about loan sharking or lending money to some sloot's cousins bf, but to someone you know well.
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Old 01-31-2015, 01:21 PM   #2
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Depends on how much, have you thought of collateral? and the terms of cashing it if the deal goes south?
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Old 01-31-2015, 01:24 PM   #3
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Find whatever threshold you're comfortable just losing ($20, $50, $100, etc.) and just lend it.

For any amount higher, write up a simple contract with names, amount, return deadline, signatures.
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Old 01-31-2015, 02:24 PM   #4
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always get some security. have them sign over their car, or give you something as collateral. a piece of paper doesnt mean shit if they dont have any assets with which to repay you
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Old 01-31-2015, 03:01 PM   #5
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Find whatever threshold you're comfortable just losing ($20, $50, $100, etc.) and just lend it.

For any amount higher, write up a simple contract with names, amount, return deadline, signatures.
what he said. or straight up if you're not comfortable lending money, let the person know and don't feel guilty about it. not everyone is comfortable forking cash over or being a bank.
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Old 01-31-2015, 03:12 PM   #6
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have 2 copies and each sign both...
Dont just settle with name only, have DL# on the paper also.. there are many people with the same first and last names...

if he needs to do monthly pay back, write that down..
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Old 01-31-2015, 03:26 PM   #7
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whenever i lend money i consider it a gift if i get it back great if not oh well

i've only ever had 1 friend not pay back but the terms of the loan pretty much made it clear that i was giving him the money, he's in a bad spot, but he promises every time that when he gets his life sorted he will
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Old 01-31-2015, 03:27 PM   #8
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if you're skeptical of lending this person money, you probably should lend it then unless it's in small amounts that you can afford to lose.
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Old 01-31-2015, 03:33 PM   #9
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If you worried about loosing the money don't lend it. If your lending money you may as well expect to loose it.
If they need more than you are willing to lend them take them to a bank or other place that people get money from.
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Old 01-31-2015, 03:43 PM   #10
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First and foremost, never put yourself in a bad situation to help someone else out. It's not noble, it's stupid.

Lend an amount you're comfortable with and this amount may vary from person to person. There are some friends that I have no issue lending thousands of dollars (and I have in the past and they've always paid me back as soon as they can) and there are others who I may "lend" $20 to and expect to never see it again because they're not trustworthy.

Personally, if I feel that I need a contract to protect myself, I probably shouldn't be lending more than I make in a day of work anyways and, in that case, it's hardly worth the effort of making a contract since it's so little money.
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Old 01-31-2015, 04:00 PM   #11
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It all comes down to how much, and to who.

If it's a substantial amount, what is $50 to have a contract/letter notorized.

On that note, if you're asking yourself because you have a gut feeling things could go sour, Id suggest not lending if it may ruin a friendship/relationship.
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Old 01-31-2015, 04:52 PM   #12
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First and foremost, never put yourself in a bad situation to help someone else out. It's not noble, it's stupid.

Lend an amount you're comfortable with and this amount may vary from person to person. There are some friends that I have no issue lending thousands of dollars (and I have in the past and they've always paid me back as soon as they can) and there are others who I may "lend" $20 to and expect to never see it again because they're not trustworthy.

Personally, if I feel that I need a contract to protect myself, I probably shouldn't be lending more than I make in a day of work anyways and, in that case, it's hardly worth the effort of making a contract since it's so little money.
Fully agree.

To add, if you lend a "friend" up to a few hundred bucks and they dodge you for it, it's a small price to pay to see their true character.
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Old 01-31-2015, 05:21 PM   #13
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Fully agree.

To add, if you lend a "friend" up to a few hundred bucks and they dodge you for it, it's a small price to pay to see their true character.
few hundred bucks to learn a life lesson well worth it...hell BCIT courses start at like $800 each don't they?
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Old 01-31-2015, 05:25 PM   #14
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Think bigger than $20. lol

When I first started my business, I had work lined up, but needed tools. I had a family member lend me $4500 to get started. We both knew I would pay them back, and we both had confidence in the success of the business.

Or say your good friend who is in a stable life but needs $2500 to fix his truck, or something in his house, and doesn't have access to a line of credit, or other emergency money but you both know he can pay you back in a timely manner. Maybe hes employed seasonally, but had something big come up over the winter during his lay off, and can't get a loan or loc because over the winter he is 'unemployed'.


How would you put that in writing in a way you can substantiate it legally.

I understand the whole "dont lend money if theres a chance you wont get it back" thing, but some people still like to see things in writing.
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Old 01-31-2015, 06:13 PM   #15
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If it was a personal loan and not some sort of business partnership, I wouldn't need a contract. Having said that, I would only be lending thousands of dollars to people I fully trust anyways.
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Old 01-31-2015, 06:34 PM   #16
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I simply don't.

Then again, every one of my friends aren't the type that would ask to lend money.
So I have actually never been asked before.
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Old 01-31-2015, 07:15 PM   #17
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I am a stubborn person who will never ask to borrow money. I don't want that horrible feeling looming over my head until it's paid off.

A couple of years ago I was out of a job and stuck in school with my EI running out and my gf found out I was paying interest to the bank on thousands of dollars! She lent me the money because she didn't want me paying the bank. Of course I paid her back as soon as I could.
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Old 01-31-2015, 07:19 PM   #18
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If I lend money to a friend, we're good enough friends that

1.) they wouldn't forget it or think about scamming me
2.) I wouldn't care if they paid me back or not

If we aren't good enough friends that I would just give you money, then we aren't good enough friends for me to lend you money.
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Old 01-31-2015, 08:22 PM   #19
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Bad idea, too much can go wrong in the friendship.


Never lend your car out either. My Supra was destroyed by my former best friend from high school.


Yes he was asian.
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Old 01-31-2015, 08:55 PM   #20
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I'm glad I only have friends who have adequate savings in their bank to cushion against any rainy days. I seriously expect people to have enough savings to last a year at least in the event they are out of a job.
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Old 01-31-2015, 09:02 PM   #21
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It all comes down to how much, and to who.

If it's a substantial amount, what is $50 to have a contract/letter notorized.

On that note, if you're asking yourself because you have a gut feeling things could go sour, Id suggest not lending if it may ruin a friendship/relationship.
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Old 01-31-2015, 09:33 PM   #22
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if it's someone close just lend the amount you're comfortable with.

think of it like a test. Their true nature will be revealed. that's what you're paying for. If they fuck u, or get all lazy or keep delaying payment... now u know.

if it's large amount beyond your comfort level of "losing"... yeah get a letter notorized.

but you must understand, if its not a huge amount and u notorize it, you reveal your personality to them... it sends a signal of distrust... lol, unless they have bad credit, they could just fuckin go to the bank and get a 10 grand LOC if they were actually able to pay back.


I've paid a lot to find out the truth behind people. Most people were cool fortunately. Some needed more time but they always got me back. the few that didn't... well I know now. They have moved from a circle of trust, to the circle of acquaintance or worse.
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Old 02-01-2015, 01:15 AM   #23
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unless they have bad credit, they could just fuckin go to the bank and get a 10 grand LOC if they were actually able to pay back.
Exactly this. I always raise an eyebrow when a friend asks me (or another friend) to borrow money. Either A) these folks never heard of a bank before, or B) know about a line of credit but won't use it for whatever reason. Usually it's B, and usually they aren't using one because they won't be paying you back in a reasonable timeframe...
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Old 02-01-2015, 02:00 AM   #24
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Don't lend money to friends. When some friend asks to borrow money it's reallocating their risk to you. Like a bailout. And generally u won't be able to charge a profitable interest. Unsecurd loan should return 15-24 pct per year in interest.

They should first turn to their banks and credit cards for money first. Then to their family. If they don't borrow from family that is a huge red flag.

Anyways if u do find urself suckered I to lending money make sure they know u r the boss. Fuck the sympathy stories this is business bitch.

Get a photo copy of the DL
Get a void check of bank account
Get a recent copy of pay stub.

If they don't do these simple things how do u think they will prioritize payin u back?

DL is for ID when u need to sue them in small claims.
Void check is to garnish tier account when u need to sue.
pay stub is to garnish tier pay when they don't pay up.

TLR don't do it!!!
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Old 02-01-2015, 10:00 AM   #25
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Don't lend money to friends. When some friend asks to borrow money it's reallocating their risk to you. Like a bailout. And generally u won't be able to charge a profitable interest. Unsecurd loan should return 15-24 pct per year in interest.

They should first turn to their banks and credit cards for money first. Then to their family. If they don't borrow from family that is a huge red flag.

Anyways if u do find urself suckered I to lending money make sure they know u r the boss. Fuck the sympathy stories this is business bitch.

Get a photo copy of the DL
Get a void check of bank account
Get a recent copy of pay stub.

If they don't do these simple things how do u think they will prioritize payin u back?

DL is for ID when u need to sue them in small claims.
Void check is to garnish tier account when u need to sue.
pay stub is to garnish tier pay when they don't pay up.

TLR don't do it!!!
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To OP, I would only lend out somewhat larger sums of money to close friends who I am certain will pay me back if they were in a tight spot. I only lend larger sums to people who I am confident will pay me back, so that I don't have to constantly nag them for it. When I lend it out I do ask for an approximate date on when they'll be able to pay me back though. For smaller amounts under $50 or $80, I would lend it out and if they're able to pay me back later then great. If not, I'd see it as treating them to dinner or something.

When I sold a car to my friend, I also did post dated cheques where they have the amount and everything signed, but put it for a future date when they plan to have the cash. That way you don't actually have to go look for them when the time comes for them to pay you back, but you just have to make sure that they have the money in their account so you can cash in the cheque.

Personally I think that if you have to go through the trouble of writing up a contract that you are prepared to take action with if you don't get the money back, you shouldn't be lending the money to that person. That's just my opinion though
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