Lending Money

bharath

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Do you lend money from someone or from a Finance Company? I started to lend from family members and now went into finance company for having a loan. I am looking to close all those things in the coming days to spend a new life.
 

Lämmchen

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We currently only have 2 auto loans and I don't foresee us getting any future loans. We try to look at the interest we're paying on the loan and determine if it's better to pay that loan off or if the percentage is so small it's better for us to have the loan. The auto loans don't have a high interest rate so it makes sense to not pay off the vehicles right away.

With our home, we found out that we were at the point where we couldn't deduct the interest on the mortgage anymore for yearly taxes so we used money from an inheritance to pay off that mortgage. It was a wise decision for us.

We try to always look for a loan that doesn't give us a penalty for paying off early.
 

jyy

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I have maxed out on loans etc.. from banks and from Pay Pal credit. Thinking back, it was very foolish. Nowadays I sure need that money!
 

Claraviolet

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I don't usually give out money to others, as if it's some loan. I do give money to people when they need it..like my collogues etc.,

I don't usually ask them to return the money and most of the time, they do return it. Sometimes though, they wouldn't and I wouldn't bring that topic again. If the amount is too huge, let's just around 10k INR, then I would tell them that I can't afford to lend them, so much. It's better not to deal with money related matters, when it comes to people you work with.
It will just get awkward later, if they keep on forgetting to return the money and all. It's just a messy business, in my opinion.
 

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I don't usually lend out money to family, friends, or colleagues at work purely because of the financial risk it imposes. I try to avoid loans as a whole, due to the interest (APR) companies charge monthly. It's a rip-off.
 

Nerdface

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I was generally pretty good with money until the last few years where temptation got the better of me.. I ended up amassing about £3000 on a credit card with pretty high APR, and was only repaying the minimum amount so the debt wasn't particularly reducing much.

I decided to do something about it last year, and took out a personal loan of £10,000 with low APR to consolidate both the credit card debt, and the finance on my car. My monthly payments are much more manageable and gave me a bit of space to breathe again.. :)
 

vest1992

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I did borrow money, never got them back, all that I know is that I helped someone when they needed the most, i think that is more important.
 

Vladv26

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Sometimes i ask for loans, sometimes i give loans but I'm talking only about small amounts of money that don't affect me that much. It dangerously to take a big loan from a company because you never know when you are going to be able to pay it back and interest might grow very high
 

Abigael

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I do take loans sometimes. I have a good mobile money account that gives me a loan whenever I need one and the more I pay back, the more my limit gets increased. In the past, I used to borrow from friends and family but I realised that it causes rangles whenever I am unable to pay back on time. So I decided to just depend on my phone for that and grow my limit. I have also learnt to only borrow when I have a plan on how to pay back.
 

Niftyyem

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I only lend out money that I can give out so that in case it is not paid back, I wouldn't be too affected. I try to avoid taking loans because owing gives me sleepless nights.
 

Anis Boukezzoula

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I had bad stories unfortunately with this topic, for me I never borrow any $ from anyone till this minute.
But what happend to me is that's I am a good person, I borrowed 300$ to my close friend but at last He didn't return it to me.
I was so sad and confused about what I do, I can do something bad with him but when I remember that's he is a close friend I feel more terrible.
I told him to stop this friendship because you didn't respect me anymore with this action and that's the end.
 

TopSilver

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I personally would try to avoid using credit cards or loans. I would use a debit card if I had the cash already and was simply debiting it from an account I had. I wouldn't want to give myself bad credit or get into a pitfall where I was in debt and couldn't get out. My family had terrible credit for the longest time and my mother recently was able to restore her credit and make it better, allowing for us to move into the house were in from about 5 years ago.
 

Josemendez

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I try as much as possible not borrow funds because it makes one to earn little or nothing after paying back the loans .
 

bizman

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Do you lend money from someone or from a Finance Company? I started to lend from family members and now went into finance company for having a loan. I am looking to close all those things in the coming days to spend a new life.
The word you should have used is "borrow" and not "lend". Please be clear about what you writing. If you don't know the meaning of any word, you can always see a dictionary.
 

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