Lending Small amount of cash to friends
Discussion
wibble cb said:
If only, this person was always capable of earning a good wage, just terrible at living within it, always seeking a lifestyle in excess of their wallet, funds will not be forthcoming this time, it may even cost the relationship, so be it.
Some of these stories make me wonder who is the fool!Sorry but why the f
k would you lend someone like that 11k, unless 11k was immaterial to you and you knew it was a gift not a loan Adam B said:
wibble cb said:
If only, this person was always capable of earning a good wage, just terrible at living within it, always seeking a lifestyle in excess of their wallet, funds will not be forthcoming this time, it may even cost the relationship, so be it.
Some of these stories make me wonder who is the fool!Sorry but why the f
k would you lend someone like that 11k, unless 11k was immaterial to you and you knew it was a gift not a loan I am about to borrow 10k, 10k, 20k and 12k from friends to buy a house. I am having some cashflow issues with my business and need money for deposit on house
Money to be repaid within 12months but asap if issues resolve.
They're all reasonably rich I guess. All earn six figures and the 12k dude probably 7
Money to be repaid within 12months but asap if issues resolve.
They're all reasonably rich I guess. All earn six figures and the 12k dude probably 7
Adam B said:
But it's 11 THOUSAND POUNDS not £50
I'd want to know what it's for and a repayment schedule and agreement.
Maybe your financial means are way beyond mine but borrowing 11k from a mate is not normal
It's a family member, and I don't earn anything like a fortune, just happened to have some cash not utilized at that time, and some of it was obtained dishonestly as well, charging items to a credit card that were not agreed to.(hence my reluctance to extend any more funds), I can't trust any story I get anymore.I'd want to know what it's for and a repayment schedule and agreement.
Maybe your financial means are way beyond mine but borrowing 11k from a mate is not normal
Edited by wibble cb on Wednesday 15th March 11:53
MrJuice said:
I am about to borrow 10k, 10k, 20k and 12k from friends to buy a house. I am having some cashflow issues with my business and need money for deposit on house
Money to be repaid within 12months but asap if issues resolve.
They're all reasonably rich I guess. All earn six figures and the 12k dude probably 7
This has the potential for so much fMoney to be repaid within 12months but asap if issues resolve.
They're all reasonably rich I guess. All earn six figures and the 12k dude probably 7
king up, and by the way it doesnt matter how much your friends earn, its all about your own ability to obtain credit and service a debt.Lets face it theres a reason why financial institutions have criteria for lending money - if you fail to meet those criteria its because you are a bad risk and shouldnt be lent the sum you are asking for. If you meet the criteria the bank will lend you the money - simple
Do each of them know about how much you are borrowing from each of them?
Cash flow issues.... what if one of your debtors defaults/goes bust, are each of your lenders agreed that they will share the burden of that?? (assuming you've done the correct thing and told each lender that you are borrowing from 4 different people)
What rate of interest are you offering back to them? as they could invest that money elsewhere and produce a return if they didnt lend it to you.
Are you prepared to affect/wipe out 4 friendships if you pay late, or default on this?
Asking friends to lend you money makes you out to be an uncreditworthy individual and puts you in the pockets of others forever.
MrJuice said:
I am about to borrow 10k, 10k, 20k and 12k from friends to buy a house. I am having some cashflow issues with my business and need money for deposit on house
Money to be repaid within 12months but asap if issues resolve.
They're all reasonably rich I guess. All earn six figures and the 12k dude probably 7
Am I right in saying the house you are looking at is far more expensive that what you actually *need* ?Money to be repaid within 12months but asap if issues resolve.
They're all reasonably rich I guess. All earn six figures and the 12k dude probably 7
Is the fact you know these people earning decent salaries clouding your judgement with what you can really afford ?
What happens if the 'issues' don't resolve ?
If you think you'll be able to lay your hands on £52k within 12 months then is it really imperative you move *now* ?
My guess is that deep down you know this is a bad thing to be doing.
Whoops. Forgot to say that I have offered each of them security in the form of very liquid items that they can sell within 24h should I default
Each has declined the need for me to provide security.
Each knows about the others
It's a temporary cash flow problem. It could resolve before I actually take any money from them.
They're a cool bunch of guys helping a friend out. I happen to have bought a 997 about seven months ago before i needed to buy this house. I do, however, absolutely need to buy it now. None has even suggested i sell my car first
I recognise I am in a privileged position to arrange 52k in loans over WhatsApp. Also, i wouldn't just ask anyone. I know other people as rich or far richer than these guys but didn't ask them. These guys are my boys.
Each has declined the need for me to provide security.
Each knows about the others
It's a temporary cash flow problem. It could resolve before I actually take any money from them.
They're a cool bunch of guys helping a friend out. I happen to have bought a 997 about seven months ago before i needed to buy this house. I do, however, absolutely need to buy it now. None has even suggested i sell my car first
I recognise I am in a privileged position to arrange 52k in loans over WhatsApp. Also, i wouldn't just ask anyone. I know other people as rich or far richer than these guys but didn't ask them. These guys are my boys.
MrJuice said:
I recognise I am in a privileged position to arrange 52k in loans over WhatsApp. Also, i wouldn't just ask anyone. I know other people as rich or far richer than these guys but didn't ask them. These guys are my boys.
Interesting group of mates, I'd struggle to raise £500 from 5 of my mates without putting them in difficulty. MrJuice said:
I recognise I am in a privileged position to arrange 52k in loans over WhatsApp. Also, i wouldn't just ask anyone. I know other people as rich or far richer than these guys but didn't ask them. These guys are my boys.
They may be "your boys" now but I reckon you're going to end up being their bh soon LOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOL.
Adam B said:
But it's 11 THOUSAND POUNDS not £50
I'd want to know what it's for and a repayment schedule and agreement.
Maybe your financial means are way beyond mine but borrowing 11k from a mate is not normal
Doesn't matter surely - the onus is on the loanee to repay asap not for the loaner to chase them?? The rules are different if you are lending to family too - I would never expect a family member to "forget" about a loan that size.I'd want to know what it's for and a repayment schedule and agreement.
Maybe your financial means are way beyond mine but borrowing 11k from a mate is not normal
Marty Funkhouser said:
Doesn't matter surely - the onus is on the loanee to repay asap not for the loaner to chase them?? The rules are different if you are lending to family too - I would never expect a family member to "forget" about a loan that size.
Of course the onus is on loanee - just staggered at some people's generosity / gullibility Adam B said:
Marty Funkhouser said:
Doesn't matter surely - the onus is on the loanee to repay asap not for the loaner to chase them?? The rules are different if you are lending to family too - I would never expect a family member to "forget" about a loan that size.
Of course the onus is on loanee - just staggered at some people's generosity / gullibility Type R Tom said:
Interesting group of mates, I'd struggle to raise £500 from 5 of my mates without putting them in difficulty.
Didn't you know that most folks on PH are all CEOs or Directors and they and their friends all hang out on their Superyachts on a weekend snorting coke of an 'Instagram models' tits? Fifty grand is merely shrapnel to these people... 
...either that or there are a LOT of fantasists....
and I dont have to give it the big one about how much money my friends have either ;-)Gassing Station | Finance | Top of Page | What's New | My Stuff