If you had to choose only between one of those high priced loan companies or taking money from a friend, which would you do? I ended up loaning money to a friend years ago and it ruined our friendship, after that I swore never again. Now with the prices on the rise for everything I am wondering how many people are going to be stuck paying insane interest rates if they have to. Is one really worse than the other?
Company loan or friend?
- Thread starter Andersson
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Victor Leigh
New Member
There is actually one other way out. Don't take the loan. Not from the loan company nor from your friend. Just ask yourself if you would die if you don't take the loan. Chances are you will still survive. It would be tough but you won't die.
polamalu43
New Member
I would never borrow money from a friend! I would loan to a friend if they had to have it. I have loaned to family before and I have always been paid back.
Never loan out money to a friend or family member unless you can afford to not have it paid back. That is the way I look at it.
I was just talking to a friend. His Mother in Law was going to lend them money to fix the roof. He refused to take the money though. I found it kinda funny because he took a weeks vacation, traveled to Texas to help his MiL pack up a house, clean it up, and move it to here in Florida. Asked for no money, although she did pay for gas to and from. Did not even get a thank you from her. They come home and instead of paying them for the work, says she will lend them the money for the roof. Even his wife was upset with her moms attitude and treatment of them during the trip.
I was just talking to a friend. His Mother in Law was going to lend them money to fix the roof. He refused to take the money though. I found it kinda funny because he took a weeks vacation, traveled to Texas to help his MiL pack up a house, clean it up, and move it to here in Florida. Asked for no money, although she did pay for gas to and from. Did not even get a thank you from her. They come home and instead of paying them for the work, says she will lend them the money for the roof. Even his wife was upset with her moms attitude and treatment of them during the trip.
joeldgreat
New Member
Though true friends are there to help in this kind of situation, my "pride" teaches me that I should never borrow huge amounts of money from a friend. It tells me that I should go to a financial institution first rather than to a helping friend.
That's a tough one. I hate borrowing money from anyone. I would avoid it if at all possible! That said, if it is truly necessary, I'd work with a financial institution before a friend. What happens if you can't pay it back? If you don't pay back a friend, you could potentially ruin a lifelong friendship! In my opinion, those are priceless. If you don't pay back the financial institution lots of bad things can happen, but they weren't your friend to begin with.
Both are risky. You may end up losing a friend for refusal to repay the loan, having in mind that we do not need friends simply for monitory purposes but for companionship and advice on diverse matters. On the other hand the banks interests are high and with the recession, might just go high hence leading you to spend more than is necessary. Bottom line I would go to a friend and try to be decent in payment. I'll keep my friend and would have gotten the money.
Isabellas2007
New Member
I would have to say use the company loan. I know the rate is higher, but it is a lot better then losing a friend for any reason at all.
I would rather deal with a company, if I had too. i would have to get a loan from a friend, and have to be reminded of what they did every time I see or talk to them. that would only make me want to quickly pay them back any way I could, and immediately cut all ties with them from that point.
FrankSinatra
New Member
I would probably do neither...it is a damned if you do damned if you don't situation and I would just have to figure something else out.
Hedonologist
New Member
I wouldn't take the loan if not needed. I'd rather loan from a friend, but only if I knew I could pay it back, although if I knew I couldn't pay it back I wouldn't take the loan out in the first place. I've lent people money before and had no problems, but I am extremely debt averse anyway so haven't needed to take out any loans at all yet.
R. Paradon
New Member
I have done both in the past when I was young and did not have much of a good paying job. Paying off the friend was good as it was my priority and I had no problem. The high priced loan company was another story as I had a tendency at times to avoid the payment and was probably one of the originators of "The check is in the mail!" line.
flfsurveyor
New Member
Depends on the amount; for large amounts that would require some sort of collateral, you are better off going to the bank. Bank loans would have longer tenors.
Anything about a thousand bucks or less, I'd go to a friend. But, have to make sure that it gets paid , in full, as soon as I have the means.
Anything about a thousand bucks or less, I'd go to a friend. But, have to make sure that it gets paid , in full, as soon as I have the means.
I dont loan any money I cant stand to lose. I dont care if its friend or family. If I cant afford to light it on fire and watch the ashes blow away then I cant loan it. Friends, family and money are the fastest way to ruin a good thing. Bottom line is dont get into debt, if you must take a loan do it on your own dime and credit. Best scenario save your own money and pay cash.
ghanashyam
New Member
I prefer taking loan from the company, even if it it is costlier. The loan of company could be paid slowly but paying off the friend is something very slow because you are tempted to put off for sometime. Moreover, it makes relations bit "obligatory". I had lent some money to one of my friend, and today, I have lost the money but regretfully even the friend.