shiprepairwoman
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It depends on how much he wanted to borrow and how long. Mostly I wouldn't loan more than $20 to a friend and wouldn't charge interest. If I was foolish enough to loan say 100K I would expect interest since I would have to take it from investments. |
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Sukumar S
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Depends. Its best not to get into financial transactions with friends. If its unavoidable it charge interest or not depends on the purpose. If its for health or education I would lend it interest free. If its for business purpose I would charge interest. In either case I will tell my friend I am borrowing @ xx % interest to help him or her so I justify the interest I want.
Good luck. |
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Pooja Bedi
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Don't lend him money, lending money to friend always leads to conflicts. If he is your true friend, you may not like to spoil your relationship with him. Also, if you refuse to lend him money, you will come to know whether he is a true friend or is here only to take benefit out of you. |
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Jeff
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If you loan him money, he's no longer your friend, he's your servant.
If you don't charge interest, the IRS will charge him income tax on the discount you give him. |
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Luna
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If it's an amount you could part with then you could loan (give) it for free and don't expect it back.
If it were something you need back, then I would loan it interest free for a set amount of time and after that time is up I would charge interest. I would tell them up front these conditions, write it out and have it notarized. |
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Chaitali G
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I think that it will not be wrong if one charges interest
BECAUSE
friendship and business are two different things . one should be able to keep personal and business life separate |
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Raju
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It is depends upon the money and friendship. |
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godskid24
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It depends on the amount of money loaned and why it was being loaned. It you put your money in a savings account you would get a little (very little) interest. If you re loaning a large amount interest would be alright but if it is a small amount then what is a few dollars in interest between friends?
The best scenario is not to loan money to a friend but sometimes things happen where we do.
If they want to borrow much money tell them to check out prosper.com. It is a web site where peers loan money to others. |
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Kayla B
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That depends...If you know you can trust him to pay it back soon then don't charge interest but it it will take a while you should charge interest because thats money you could have made interest in an account. |
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Rick B
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No and No. I would not loan a friend money. That's a good way to lose a friend. |
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Tate .
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IF THIS PERSON IS HONEST AND RELIABLE I RECOMMAND NOT CHARGING INTEREST. REASON IS SOMETIMES PEOPLE ARE IN SITUATIONS WHERE THEY NEED A LITTLE HELP AND IF YOU HAVE RESOURCE TO HELP THEM HELP. IF YOU WERE IN NEED OF HELP YOU WOULD WANT SOMEONE TO GIVE YOU HELP AND NOT BREAK YOUR POCKETS FOR IT OR EXPECT SOMETHING IN RETURN EXCEPT THE MONEY YOU LENT OF COURSE. ALSO WHAT COMES AROUND GOES AROUND. IN LIFE WHAT EVER YOUPUT OUT YOU WILL GET BACK. DO GOOD WHEN YOU CAN AND GOOD WILL COME TO YOU. |
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