Borrowing money from a friend or relative

[redduck]

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?

 

[LakeRat1]

We borrowed 10K from my folks on our first house. We had them paid back within two years......So Yes

 

[Walt34]

No, never crossed my mind.

 

[Meadbh]

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.

 

[easysurfer]

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 .

 

[ExFlyBoy5]

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.

 

[omni550]

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.

omni

 

[Car-Guy]

NO!

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

However, I do [-]loan[/-] give money to my DD

 

[O2Bfree]

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.

 

[aja8888]

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.

 

[freedomatlast]

Never even considered it. I'd get a second and third job if I needed money I didn't have.

 

[Choices]

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

 

[GravitySucks]

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.

 

[OldShooter]

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.

 

[canuck5]

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.

 

[canuck5]

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.

 

[redduck]

No, never crossed my mind.

No, never. The thought never crossed my mind. I was not brought up in a family where we borrowed nor loaned money...

omni

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?

 

[SJ1_]

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

 

[EastWest Gal]

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.

 

[OldShooter]

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."

 

[Walt34]

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?

Only one relative (by marriage only) ever asked to borrow money. I'd been warned about her by my mother and an older half-sister 30+ years ago. She had a long history of borrowing money and never paying it back so it was easy to say "no".

She lives on SS income only and wanted to borrow $5k for a bankruptcy attorney. What she needed was $180k to pay off all her loans so there was no way I was going to throw $5k down that hole. I found out later that my two sisters and a cousin also received that phone call and had the same reaction.

As for myself, I never put myself in a position where I even had to think about borrowing from a relative.

 

[igsoy]

We got married right out of grad school and immediately began paying off DH's 30k student loans. In 2 years they were paid off and we were shopping for a house and realized we didn't have the 20% down payment to avoid the PMI, so my folks offered to loan us 10k at the same rate as the mortgage (7% at the time). Figured we'd rather pay them the interest than the mortgage insurance fee... We paid them back in a year and have never owed anybody since.

 

[haha]

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?

I borrowed $2500 from my Dad to buy my first new car, and I borrowed $2500 from father-in-law to retire some margin debt. Paid FIL back quickly, but I might have shorted my Dad a bit. Not sure, but I think I did. I am sorry for this.

Ha

 

[Ronstar]

I borrowed $60k from my parents to build my first house. Couldn’t find a bank to give me a construction loan. Paid my parents back a year later when I finished the house and got a mortgage.

 

[omni550]

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."

+1

omni