Have / Would you borrow or lend money to/from a friend for a business?

[Teach97]

I would never ask a friend and would never lend to a friend.

I have helped out friends when they were in hard times...I gave it to them. I told them I never expected it back. Some repaid some did not. But when it comes to friends and family mixing with money...it is all bad. What is the quote..."The only ship that will never float is a partnership"

 

[arabianequine]

Quote:
Never a good idea to mix business with pleasure....I mean family, friends. Business is business and more then likely anything to go wrong will be about the money and will ruin all relationships faster then anything.

If you really want to do this or think it would work. I would have the a signed contract and an attorney prepare or be involved. That is a lot of money.

 

[Break an Egg]

When it comes to friends and/or family, I never expect the money back, that being said, I never "loan" more money than I care to loose.

 

[3goodeggs]

That is what banks are for.
You can resent a bank and no one cares.

 

[feather and mountain man]

Quote:
That is exactly what I was going to say!

I borrowed $200 from a friend years ago and have tried many times to pay it back and she won't take it I even put $200 in b-day card once and she sent the cash back. She is my best friend since 1993. I have lent money to a family member who says everytime she will pay me back but I know better. If I don't have it I don't give it. If I have it and can spare it I give it as a gift. Yet I don't think I would ever lend that much even if I had!

 

[sourland]

Not a good idea! I have given money to people in need, but I refuse to lend money to anyone. Too much to lose, and I don't mean the money.

 

[EweSheep]

No, no and no!

Only exceptions are what the others were saying, if you WANT to give them the money, make sure you know andunderstand that you probably won't get it back. My parents have given us money during our hard times and many times we offer to repay them back but they refused. It's family they said, and the money they are glad it is put to use, not wastefully spent.

I loan my sis to pay her phone bill from her ex that jacked the charges up to the moon. She paid it all back, the entire $600! Would I do it again? Yes but know don't expect it back.

 

[Rockin' Reds]

I would have to say no and no. There is no faster track to friendship ruin than borrowed money and resentment. I would much rather hate a bank than my friend, or vice versa!

 

[key west chick]

Never again. Been there, got screwed, got the t-shirt, never again. I lost over $50,000 and my grandfather lost over $40,000 trying to get a business partners feet back on the ground. Nope, never again... Business went under anyway, and that loan was just the tip of the nightmare iceberg. Did I mention never again?

 

[halo]

Im with the "dont loan it unless you dont care if you lose it" crowd. People are not banks.