What are the rules for borrowing money from your friends?

Lending money to your friends isn't always the best move to make, but when
put in the position, what would you do? 

Lending money to your friends isn't always the best move to make, but when put in the position, what would you do? 

Image: WOC in Tech Chat

Borrowing or lending money to your friends and family can get messy, so it's important the people in your life know how you operate when it comes borrowing. The 2016 DebSmart Lending to Friends survey revealed how many people actually pay back debts owed to their friends. 

According to the survey, 70% of participants had given money to family, but only 38% were paid back in full. When it came to friends, 59% of people had lent money but 27% go their money back. When asked if they would do it again, 59% would give money to family again but only 37% would lend to a friend again. 

It seems as though people are much more willing to give to their family than friends, but sometimes you're asked and you give in. 

We asked our community for their thoughts on borrowing or lending money to friends: 

Ladies, what's are the rules for borrowing money from friends? #CreativeSmartGirl #Sisterhood pic.twitter.com/Ug9BX0kNEJ

— #CreativeSmartGirl (@CreativeSmartCo) August 12, 2017

Some women in our community were more strict than others, but everyone was willing to give. Being there when a friend is in need is much more important than money. 

What also helps is being clear about when you need to get paid back, but we all know the saying "Never give away what you can't afford to lose." What has your experience been lending or borrwing money from friends?

I never except the $$ back not cause my friends wouldn't pay me back but I just don't I learned that from an episode of #Moesha https://t.co/g7uhKmxfdw

— Angelica M. George (@AngelicaMGeorg1) August 12, 2017

Repay them equally! If they spotted me money for lunch I either pay them back or buy them food later. We're all broke & early 20s lol

— Shannon (@GoingWithHappy) August 12, 2017

My friends & I are pretty generous with the cash app😂but there's a limit. We're all in our early 20's. Nobody has $400 on the spot

— Shaienna Monique (@ShaiennaQuinn) August 12, 2017

 

What are your rules for borrowing money from your friends?