- Mar 20, 2013
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I think legally it would be enforceable. The $100 is being paid against that loan each month so most courts would look at that as proof that there is an agreement. I would make sure you can prove how much was borrowed and proof (in the form of receipts, checks, money order receipts) of your repayment so there is no question as to how much you have paid and how much you owe. I would make sure not to miss even one month or to be late.
Regardless of the legalities of a verbal agreement, ethically it would be wrong to not repay a loan, especially from a friend who was generous and trusting enough to loan money and now is going through a difficult time.
I always tell my kids to never borrow money or loan money to friends or relatives. Either give it as a gift with no expectation of repayment or say no. Anything else usually ends poorly and relationships suffer.
Regardless of the legalities of a verbal agreement, ethically it would be wrong to not repay a loan, especially from a friend who was generous and trusting enough to loan money and now is going through a difficult time.
I always tell my kids to never borrow money or loan money to friends or relatives. Either give it as a gift with no expectation of repayment or say no. Anything else usually ends poorly and relationships suffer.