What do you do if a loved one asks to borrow a big sum of money from you? Experts weigh in on when it's OK to fork over the cash — and when you should probably say no.
What do you do if a loved one asks to borrow a big sum of money from you? Experts weigh in on when it's OK to fork over the cash — and when you should probably say no.Michelle Singletary and her husband used to lend money to her friends on a regular basis, until one incident"taught us a lesson," she says.
"As individuals, we are not in the business of lending money. We don't know how to do it because there are a lot of feelings involved," says Singletary."That's why it should be left up to financial institutions."Avoid getting into a situation where the borrower wants to"write up a contract or have terms" on their loan, says financial educator. They imply a contractual obligation, which may put a strain on relationships.
Offer other ways to help, say our experts. It's not going to be easy. If someone is coming to you for money, it's probably not their first option. They're probably in a bad situation and don't see any other way out. They're vulnerable. And you turning them down is going to hurt.
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