Loan money to friends with interest
By peachpurple
@peachpurple (13880)
Malaysia
September 11, 2017 4:32am CST
Would you loan money to your friend with interest charged, let's say 20% per year? When your friend had asked for your help to aid him in cash, promised to return to you when he has profit from the money he had borrowed from you, would you lend it to him?
One of my brother-in-law was approached by a friend, who had been hopping jobs for many years. He was known to loan money from friends and relative members but end up having huge debt because the money that he loan was used to top up the capital for his failing business.
My brother-in-law immediately rejected his appeal even though his friend had promised to give him 20% of interest from the money he borrowed only when he had made profits from it. If his business fails, he can't pay off the debt, either beat him to death or sue him bankrupt.
Now, would you loan money to your so-called friend who is indeed of cash?
Not just hundreds of dollars but thousands.
What do you think?
9 people like this
9 responses
@topffer (42156)
• France
11 Sep 17
It depends of the person. I have loaned a quite large amount of money to a friend with no interest, but it was only for a few weeks and I knew that I would be paid back on time. Anyways, the interest rate is so low here, that I would never ask any interest to a friend if I was doing it again.
3 people like this
@topffer (42156)
• France
26 Sep 17
@eagletrek2 You are right, with an inflation near 0, it is about 18 to 20% in France.
1 person likes this
@eagletrek2 (5499)
• Kingston, New York
26 Sep 17
@peachpurple hi today loan sharks have lower price then today
credit cards a lot of credit cards that go to low income people
intrest is like between 25% and higher then 30% this is no joke
plus yearly fee credit one bank, capital credit cards , the companies are making
loan shark close up
2 people like this
@peachpurple (13880)
• Malaysia
11 Sep 17
Interest rates here is pretty high, 20% is consider normal while loan shark charge 30%. Problem is the amount of money is thousands, not a few but tens of thousands for business capital, no guarantee of return.
1 person likes this
@m_audrey6788 (58485)
• Germany
11 Sep 17
I can`t afford to give a loan with friends even I put interest in it. If ever I will have a money, Still not going to give a friend a loan but I will invest it in a good business and made my friend a partner 
For me, much better help my friend to handle and earn from themselves while helping myself too. Helping each other is much stronger than just letting them have it and don`t know how they will use it
For me, much better help my friend to handle and earn from themselves while helping myself too. Helping each other is much stronger than just letting them have it and don`t know how they will use it 2 people like this
@peachpurple (13880)
• Malaysia
11 Sep 17
Yes, you gave a very good idea of helping a friend.
1 person likes this
@toniganzon (72285)
• Philippines
11 Sep 17
I wouldn't loan money to a friend who is known for failing to pay. I would probably give him a little money if he's in need. I don't like lending money with interest at all. I usually lend money without interest.
2 people like this
@toniganzon (72285)
• Philippines
11 Sep 17
@peachpurple If the person is not capable of paying it I won't. I have lent more than that without interest to close friends.
@peachpurple (13880)
• Malaysia
11 Sep 17
What about lending a friend $10,000 - $20,000 with interest? That was the case with my brother in law. Not just hundreds of dollars.
@LadyDuck (457249)
• Switzerland
11 Sep 17
@peachpurple This is why I say that it depends of the person. I would not trust all of my friends.
@peachpurple (13880)
• Malaysia
11 Sep 17
If it is short term loan and the promise is kept, that is worth to help a friend. But a friend who doesn't pays back is not to worth to help either
1 person likes this
@eagletrek2 (5499)
• Kingston, New York
26 Sep 17
if I had the money and the friend does have a income everything would be on
paper like a bank and noterzied.
1 person likes this
@peachpurple (13880)
• Malaysia
26 Sep 17
Next time i will insist on thumb print
1 person likes this
@Mrgana1 (340)
• Nigeria
11 Sep 17
Loan sometime to close relations do bring misunderstandings or disappointments because when he or she is not able to pay, it will result to family discussion and at the end they will plead with you to forget it so to avoid lost of money I prefer to give or dash my friends money than borrow
1 person likes this
