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Borrowing money from a friend or relative
Old 03-15-2018, 11:23 AM   #1
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Borrowing money from a friend or relative

As an adult (define this however you want) have you ever borrowed or thought of borrowing a large sum of money (define this however you want) from a friend or relative?
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Old 03-15-2018, 11:28 AM   #2
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We borrowed 10K from my folks on our first house. We had them paid back within two years......So Yes
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Old 03-15-2018, 11:29 AM   #3
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No, never crossed my mind.
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Old 03-15-2018, 11:33 AM   #4
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At age 24 I borrowed £1000 from my parents to supplement my savings to buy my first car (in cash). I paid them back within 6 months. They didn’t charge interest.
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Old 03-15-2018, 11:42 AM   #5
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No.

I have been on the other end as the lender but I've quit that policy! I like to stay on speaking terms with family and friends .
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Old 03-15-2018, 11:45 AM   #6
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I did when I first joined the Air Force. They financed a brand new Ford Ranger that cost about $9K. I paid it off in 3 years at 6% APR.

I drove that truck for 13 years and had 210K+ miles on it when I sold it.
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Old 03-15-2018, 11:53 AM   #7
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No, never. The thought never crossed my mind. I was not brought up in a family where we borrowed nor loaned money.

I have several "friends" ask me for loans. I declined.

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Old 03-15-2018, 11:54 AM   #8
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NO!

Neither a borrower nor a lender be, especially with friends or relatives.

However, I do loan give money to my DD
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Old 03-15-2018, 12:00 PM   #9
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I never did. My parents paid for half of my first car, but that was a deal they offered. I paid my own way through university, bought my first house myself, etc.
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Old 03-15-2018, 12:11 PM   #10
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No.

I have been on the other end as the lender but I've quit that policy! I like to stay on speaking terms with family and friends .
Never borrowed or even thought about it. Just not my nature. Same process above as far as lending.
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Old 03-15-2018, 12:15 PM   #11
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Never even considered it. I'd get a second and third job if I needed money I didn't have.
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Old 03-15-2018, 12:17 PM   #12
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Nope. I heard my grandmother bring up time after time ( ad nauseum) how she had lent my parents money. They paid her back but were required to be beholden forever...not a Road I wished to tread
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Old 03-15-2018, 12:23 PM   #13
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Screwed up buying and selling a house and my attorney ( family friend) loaned me a couple thousand at no interest 30 years ago.
Repaid him in less than a month.
Loaned an acquaintance a few thousand at a high rate. Took an extra year to get that back. Never again.
Loan family money but always consider if it doesn't get paid back it was a gift and if it did it was a gift to me. Surprisingly 4 out of 5 were paid back in full on time! The 5th just was a gift that was a mistake anyway.
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Old 03-15-2018, 12:27 PM   #14
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As an adult (define this however you want) have you ever borrowed or thought of borrowing a large sum of money (define this however you want) from a friend or relative?
Yes, but not "large" if that means an amount of money that is significant to me.

I was taking care of my elderly mom's finances and she needed some cash and there was some kind of liquidity issue with her investments so I loaned her maybe $1 or $2K for a short period. She actually never knew this.

I also had an ex-secretary and very good friend call me once asking to borrow $1K. I don't remember the issue but I did love that lady like a sister and I gave her the money without hesitation. She paid it back according to the agreement, no problems at all, but if I something had happened and I didn't get paid I was ready for and comfortable with that.
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Old 03-15-2018, 12:30 PM   #15
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Yes, borrowed $25k from my MIL and FIL, to finish paying off our house, back in the early 1990's. I paid them back within 8 months, with interest. They were rooting for my wife and I to become debt free and that was the last time I ever paid interest on anything.
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Old 03-15-2018, 12:45 PM   #16
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I loaned $1000 to a buddy, a couple of times, who was going thru a divorce, with 2 kids. I knew it was really to help the kids, but I got every dime back in a reasonable time.

Have had some business acquaintances, who got fired and asked for some money, but I knew where the money would end up and declined.
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Old 03-15-2018, 12:46 PM   #17
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No, never crossed my mind.
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Originally Posted by omni550 View Post
No, never. The thought never crossed my mind. I was not brought up in a family where we borrowed nor loaned money...

omni
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Originally Posted by aja8888 View Post
Never borrowed or even thought about it. Just not my nature...
You guys never thought about it? Was that due to lack of imagination or fantasy life, or was there nobody around that you could ask or even thinking about asking?
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Old 03-15-2018, 12:50 PM   #18
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As an adult (define this however you want) have you ever borrowed or thought of borrowing a large sum of money (define this however you want) from a friend or relative?
no
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Old 03-15-2018, 12:58 PM   #19
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We borrowed money from DH’s best friend to make ends meet early in our marriage (I had a very short time off between medical school and residency and DH had been a working musician for years but the clubs cut back just in time for our wedding.) We paid for our own wedding though but it depleted our savings. Paid off the friend in 6 months. When we bought our first house, we needed a 20% down payment. We borrowed from my parents about $15K. Paid it back with interest, just like any other bill. I lent $500 to a friend who was stuck in the Caribbean. Never expected to see the money, but he paid it off a couple of years later.
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Old 03-15-2018, 12:59 PM   #20
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You guys never thought about it? Was that due to lack of imagination or fantasy life, or was there nobody around that you could ask or even thinking about asking?
Multiple choice question without all the possibilities considered. How about "Never got myself into a situation where borrowing from friends or family even needed to be considered."
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