reality
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You are the one who lending money and they making the rolls, they are afraid that you will change your mine and put stop pmt on a check.
But you can do same on a cashiers check. I would cancel this even if they wont to pay you 50% interest. Don't do this, put money in a bank and earn enterest there, today this is more safe than any envestments. Good Luck! |
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Old Fat Bald Guy
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You should back out of the deal.
Something smells fishy.
"Neither a borrower nor a lender be, for lending oft loses both itself and friend, and borrowing dulls the edge of husbandry." |
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Common Sense
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You are not dealing with someone that is being straight with you. Don't try to be a nice guy. Simply say you've changed your mind. This totally smells. |
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angelmexicana2001
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you mention you know that a cashiers check is paid out of your account like a money order, so its good as cash, what you may not know is that even though your friend knows your check is good banks hold all personal checks for 5 business days before releasing the funds if he is on a tight time frame to have the monies,cashiers check has already been paid for and will be cashed right away....hope that helps you feel your confidence in you is solid .....hugz...angel |
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Rebecca
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If you give a cashier's check, there is no record that you lent the money to them. Sounds like they are trying to scam you. It could also be that they need the money rigth away and a personal check won't clear in their bank account right away. It will take a day or two before they can get the money. If you go to say a grocery store and get a cashier's check, it's just like cash basically. They can take it anywhere and get cash on the spot. On a cashier's check, you only put who it is to, not who it is from, therefore, there is no way to prove you gave them the money....I would say no if I were you. |
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.
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The worst thing in the world to do is lend a family member or a friend money. It destroys the relationship. They feel they don't really have to pay it back. If I were you, I would back out of the deal. You shouldn't feel guilty. You didn't get them into the mess, and a good friend wouldn't expect you to get them out of it. I hope you will reconsider your decision. Honestly, it is going to come back and bite you in the butt. |
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mister ed
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if i had to pay money to buy a check to loan out i would tell the borrow to take a hike since the only thing that comes to my mind is the fact that he thinks that if he gets a cashier check since your name is not on the check he can claim later you never lend him the money and not pay you back-- i would run as fast as possible away from this deal and tell him you have changed your mind and go him to seek funds elsewhere.!!! |
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.
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Yikes... seems odd, if you are close enough to lend that amount of money they should know you're good for it. I think that's the only benefit, knowing the money is there, so not sure why they would ask that... |
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binarywoman
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Before you lend anyone money, you should draw up a promissory note that you both sign so that there is no doubt that this is a loan not a gift.
Even if you give a cashiers check, you can always keep a copy as proof of payment. It's a pain for you because you have to wait on line, pay a fee, write out one of your own checks, and have the teller write the cashier's or bank check. It takes time and a little bit of money.
Loaning a friend money is the quickest way to lose a friend. Your friend asking for a certified check is just the beginning of your aggravation. If you can't afford to give your friend the money, don't get involved. Tell your friend some unexpected bills came up and you're sorry but you just can't afford to lend money right now. |
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Paladin
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The only time I would request a cashiers check is if it was someone that I didn't know because that way I know the money is there. Sounds like an interesting situation. |
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Niko-
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Lend a friend money and lose a friend.
If you really are going to lend this person money you'd better be fine with not getting it back.
Also, have an agreement written that says:
1. He or she is borrowing the money.
2. The repayment date will be
3. How they will repay you.
A check can be cashed as fast if you do an electronic transfer.
Do not do a cashier's check, it will be harder to prove that the money came from you.
This is not a good idea, if they can't get it from a bank loan that is a huge red flag! |
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jdub
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Well first and foremost, if you're the one doing the lending, the friend should take it however you can give it, but anyway, a cashiers check is a lot of times easier to cash, it like you said, its obvious the funds are available so therefore less liabilty for someone to cash it, where as a lot of banks and places will not cash 3rd party checks, to run the risk of the person writing the check not being good for it. But cashiers checks are a pain, ussually can only be written up to $500, and if the amount you want is more, then you have to keep getting more cashiers checks, personally I think I cashiers check is an awful idea, theres no real trace of the money, so basically your friend could screw you, and that would be that. I would write them a personal check and say sorry, if you want the money it will have to be this way, dont let a good friend inconvience you just becuase you are a nice person. |
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elisayn
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I don't like the sound of this. When in doubt, don't do anything.! bettyk |
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Smilin'Bob_ The Enzyte Guy
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A cashiers check is more liquid, and less likely to be held by a bank or store to wait for the check to clear.
A personal check is just that. A cashiers check is a banks OFFICIAL check, and thusly more readily cashed... |
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Heather Z
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DON'T DO IT! Its really not your credit worthiness that you should be worried about. Its theirs. I have found time and time again that if you "loan" money to friends. At some point they are no longer your friend. My suggestion would be only loan what you don't care to loose, because in all honesty you most likely won't get your money back. In a few months you will be asking. "I loaned my friend money and now they won't pay me back. What do I do now..." Serious. True Friends should not ask friends for money. |
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5_for_fighting
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Cashiers checks cannot be returned so the bank cashing the check knows the funds are available unless the check is fraudulent. Personal checks depend on how much money is the account at the time (obvious). So, banks do not always make the funds immediately available especially on large checks.
If your friend needs the money ASAP, he is going to have an easier time cashing the cashiers check and getting the money that day.
If you want this money repaid, I hope you have a signed contract with your friend. If not, you might as well just give him the money.
I agree with others that you shouldn't loan this person the money. If you do, your relationship is instantly changed and I bet you won't be friends for much longer.
And there is probably a reason your friend has to come to you for money. If a bank won't loan him the money, should you? |
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Vampire 13R
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I would be offended. Asking for a cashiers check is like saying he doesn't trust you. Screw him. |
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dms
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the money is guaranteed .don't loan this person any money friends and family you should never loan money! that's my opinion.and if you do loan the money ask your good friend when you will be paid back and hold your friend to that date and time.and get it in writing keep the receipt from the cashiers check. |
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Cortney R
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They probably don't have anywhere to cash a personal check, most places will cash a cashiers check because the funds are guaranteed. I doubt that it is any distrust on their part towards you, just wanting to make sure they can cash the check without any problem. |
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obsessive bout' grades
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Eh.....your friend seems to be a stalker or a spy please try to give up this thing you call 'friend' and get a new one and move out of that region or street that you are living in. HE might try to steal something from you. So BE CAREFUL!!
P.S. I hope this solution will help out your problem...and God Bless!! |
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jlhpisces
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"A cashier's check is easier to cash than a personal check, and it is safer than carrying a large amount of cash. You do not have to cash a cashier's check at a branch of your bank; it can be cashed at any bank or business that will accept it."
So I would say your friend must think it's easier to cash. |
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lilygateau
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You can cash a cashiers check easier than a personal check. The funds are guaranteed there and your personal check is not.
You always ask for a cashiers check for financial dealings and not a personal check. |
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