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How to borrow money?

Contributor

How to borrow money?

I would like to borrow money to friend but somehow that I know he will return money to me Smiley Happy

 

Somehow with credit/debit card online? Is there any service like that?

For example I borrow money to someone and then wait for example 30 days and the money return to me?

 

 

Thank You

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Message 1 of 19
18 REPLIES
Established Contributor

Re: How to borrow money?

I don't know if there is a service for that but my advice on lending money to friends or family is make sure you can afford to never get it back or are prepared to end your friendship over it. I know this from experience, I have family that owe me around $6k total, and have for many years. Watch a couple of episodes of Judge Judy for examples.


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Message 2 of 19
Contributor

Re: How to borrow money?

Yes I know that. What I think is about they sign something and I just (somehow) charge their debit or credit card? Smiley Happy

Citi "Diamond Preferred" (1k), Bank of America (12k), Capital One - secured (0.7k), AMEX Green - (5k), Chase Freedom (4.5k), Chase Slate (3.2k), Discover (3,75k), Chase Explorer (19k), Oldnavy (2.2k), Chase Amazon (3k), Orbitz Rewards (8k), Citi Double Cash (10,4k),
Message 3 of 19
Established Contributor

Re: How to borrow money?

I THINK there are APPS that will let you charge a CC but you might want to investigate that, assuming you have some kind of tablet or smartphone that is.


What's in my wallet: Cap1 Venture NFCU Sig Visa Delta Gold Amex BCE Citi Simplicity IHG World MC Amazon Visa CSP
Starting Score: 5/2010 550-ish
Current Score: 6/20/2013 TU 800 6/20/2013 EQ 770 6/20/2013 EX 775
Goal Score: 800 accross the board
Message 4 of 19
Established Contributor

Re: How to borrow money?

The problem with doing that is what's to stop that person telling the credit card company that you charged them fraudulently? They can easily get their money back.

If you don't think this person will pay it back, then don't do it. Or just consider it a gift. Totally agree with Cagey on that.
Message 5 of 19
New Member

Re: How to borrow money?

Congratulations...I want you to be my adviser

 

Message 6 of 19
Member

Re: How to borrow money?

It depends om your friend or if you want back money must than borrow money through a lawyer to him. 

Message 7 of 19
Valued Contributor

Re: How to borrow money?

Even with a contract drawn up it does not guarantee repayment. The only thing a contract would do is allow you to pursue a small claims or civil action for a judgment. As most of the posters above have said when "Lending" money to a friend or family member you simply need to be prepared to consider it a gift. If in fact they do pay you back, so much the better. But if not, no hard feelings. If you can't do that then simply say " I am not in a position to lend money at this time."Smiley Wink

Best financial advice I ever got: "Just imagine what an adult would do and do that."

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Message 8 of 19
Frequent Contributor

Re: How to borrow money?

I have let several family members " borrow " money from me learned my lesson. Now if someone I know ask me I just say I do not have it or if it is a small amount I just give it to them. It is easy to trust people and want to see the good in them but it usually does not work out.

Message 9 of 19
Highlighted
Established Member

Re: How to borrow money?

Lending to friends is trickier. Sign a written agreement. No matter how simple the agreement may be, ensure it is signed by all parties before you release the money. Lend only the amount you have surplus.  A repayment plan is another way of getting back your money in time.

Message 10 of 19