Have you ever borrowed money from relatives or friends?

[Ronstar]

I borrowed $60k from my parents as a construction loan to build my first house. After I finished the house, we got a mortgage and I paid my parents back

 

[brewer12345]

We borrowed some money from my parents for a few weeks when we were selling one house and buying another. We paid them back when the old place closed.

 

[Khan]

Just out of college I borrowed money for business clothes, bus ticket, and later car down payment. Paid it all back ~2 years later.

 

[calmloki]

When I was a junior in college we were eligible to join a military-affiliation life insurance company for their "midshipman loan". They gave you money (Gumby, was it $6000?) at a ridiculously low interest rate and IIRC you didn't have to start paying off the principal until you graduated. You also had to buy some of their life insurance...... Never going there again.
.....

Gotta say, Nords - you wear the short shorts much better than Lt. Dangle of Reno 911. Might have been that rather than the GLC or tutelage that won over fair wife.

 

[Nova]

No, never borrowed money from anyone, at least not that I knew of at the time I borrowed it. Talk about a babe-in-the-woods. My mom had an account at her company's credit union. I had been added with an "-a" to her credit union account number. I called the CU and inquired about getting a loan. A couple of days later, the CU sent me a check for the amount I had mentioned. I thought that was odd, but I bought the car then made payments until the loan was paid off. I had filed away the "copy" of the car title when I first bought the car and when I didn't get the "real" title to the car when the loan was paid in full, I called the CU to ask about it. Turns out that when I asked for the loan, they used shares of Mom's company stock (held in safekeeping) as collateral for my loan. I had the original title all along. I asked Mom if she knew...she did, said that she was glad to help. Duh! I called the CU and established my own account number, but I never asked for another loan from them.

 

[harley]

In-laws held the mortgage on our first house. The interest rate was lower than we could get on our own (16% or so in the early 80s) but more than they were earning on their CDs. It was a 30 year mortgage, but we paid it off within 10 years. That was actually the start of my road to FIRE. When we bought up a year later we arb'ed the new mortgage and invested the rest, just in time for the big run up in the stock market. I wouldn't mind doing the same for DD, if she ever gets to the point of being able to afford it.

 

[Nords]

Gotta say, Nords - you wear the short shorts much better than Lt. Dangle of Reno 911. Might have been that rather than the GLC or tutelage that won over fair wife.

Nah, it was just my very large... submariner paychecks.