You’re in bad luck because if you loan a friend or relative they will most likely not pay you back. They don’t sometimes because they think that they know you and they don’t have to do anything. Wow. What a great concept for them but this is how most of think. They think that they can get away with it. They do! They think that you won’t sue them either. I have a cousin who loan his girlfriend over 50k and she even tried to run away with it.
I have loan people before and they never intend to pay it back and not even when I asked for it back. I’ve loaned one of my ex boyfriend $600 bucks and he says that he will pay it back but he never did. We broke up but he never pays me back. He was a jerk you know. He didn’t have money but when I went out he keep on tipping the waitress but he couldn’t even pay me back. I guess I went out with a jerk. Next time you loan someone make sure that they deserve it. This was when I was younger and had no idea what I was doing. Anyhow, when you loan a relative or friends just make sure that they really need it and that you can afford to lose the money if they don’t pay back.
If you’re going to be loaning make sure you ask for proof as to why they need it too. Some people just want some money to be with their friends or go out with their girlfriend or just to buy alcohol even. You have to know why they need it. I wouldn’t recommend loaning anything more than $500 or the most if one grand. Anything larger than that you’re risking a big fight between you and them, you can always loan them more if they still need more but don’t give them all in lump sum. It’s not a good idea to give people ideas that they can depend on you.
It’s better that they don’t think that they can depend on you for money any time that they need it. People will need to learn to be more responsible for their own finances. You can try to ask for the money back. When you loan it to a friend or relative you will still need a receipt if it’s in large amount. People change heart many times and I have seen family who gets torn apart over money. You can always sue them of course if you no longer care for them or if you really need your money back. Just file a small claim in the court and have your receipt with you. I don’t think it’s a good idea to loan without a receipt. The problem is that most of us do give money away without a receipt. I think that you should get a receipt for whatever that you do.