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Question of the Day | 03/03/2009 11:00 pm

Purse Confidentials: Would you lend money to a friend knowing that, chances are, you probably wouldn't get it back?

© Shutterstock
Joan Ganz Cooney

Joan Ganz Cooney | 03/03/2009 11:00 pm

Joan Ganz Cooney Has 'Lent' Money to Friends

Not only would, but have several times.

Liz Smith

Liz Smith | 03/03/2009 11:00 pm

Liz Smith on Benevolence: 'Cast Your Bread Upon the Waters'

Yes – and I have done it many times. In the past, an awful lot of people have lent me money with no guarantee of getting it back. Cast your bread upon the waters, I say. And I shall repeat Fred Friendly’s great axiom: "Nobody ever got rich stiffing waiters and under-tipping cab drivers."

Candice Bergen

Candice Bergen | 03/03/2009 11:00 pm

Candice Bergen: The Terms of Lending Money

I had always assumed that when you lend a friend money, do it on the understanding that it is a gift. If you can’t make that gesture, free and clear, be prepared to lose the dough and the friendship.

Jane Wagner

Jane Wagner | 03/04/2009 12:50 pm

Jane Wagner: 'Tis Better to Give Than to Receive

Yes, yes, yes, by all means. What’s a little bailout between friends? And it warms my heart to know I have friends who would do the same for me if necessary. However, it’s so much easier to give someone help than to ask for help for yourself.

Sheila Nevins

Sheila Nevins | 03/04/2009 5:45 pm

Sheila Nevins: 'That's What Friends Are For'

I would prefer to lend money within limits to someone who would not pay me back because then they would really need it. That’s what friends are for.

64 Reader Comments (so far…) Sign In or Register to comment

Restless Gal
I have loaned (given) to the same friend many times, but plan to refuse the next time she asks.  Compulsive gambling and shopping continue to cause the debts.  While she tries and tries to overcome the problems, I feel I have become an enabler.  It is a sad situation as I am afraid it will cost me our friendship.
By Restless Gal on 03/04/2009 8:59 am
Bella Mia

Within reason, but my first inclination is to say yes, or find a way for them to meet their needs in other ways.  My friend Jules lost her home to foreclosure in January, and while I couldn’t help her with thousands for a deposit and first and last month’s rent on an apartment, I pulled out all the stops to find her, and her two children, a place to live with friends of mine.

  

By Bella Mia on 03/04/2009 9:08 am
Ms. Dee

"And borrowing dulls the edge of husbandry…."  Oh, that Shakespeare!  (Thanks, Ms. Oliver)  Most people forget that everytime they use their credit card, they’re borrowing.  It’s a bad habit, and obviously, an even more disastrous national pastime, to persistently borrow from strangers.  But I wouldn’t hesitate to give anything I had to a friend who needed it.  And I actually look for any excuse to give a gift.

By Ms. Dee on 03/04/2009 9:39 am
EKA -

We need a definition of terms here ….. if by "money", you mean 50 bucks to help a friend buy some fabulous trinket they are short on cash for and will send me a check when they get home ? Absolutely.

Lend a friend $1000 or more ? I have never been asked, nor would I ask. I will lend freely of my time, my expertise, my encouragement, my love, my advice.

"lend’ money to my children ? OY VEY !! 

By EKA - on 03/04/2009 9:46 am
Chris Glass`
I have loaned (given) money with no strings attached many times. I believe that what you give out in life you get back. It is a philosophy of life with me. I do have parameters for giving. The receivers must be trying to help themselves meaning not constantly mooching, and the money can’t be for frivolous things.

Once given I close the door on the loan. If it comes back that’s a plus but if it doesn’t I know that person needed the money more than I did. Most of my friends are responsible people who wouldn’t ask if they didn’t actually need the money.

I have also sent money anonymously to people close to me going through hard times through no fault of their own. In this time of downsizing, or in the case of severe illness or death people need to form a circle of caring around their friends.
By Chris Glass` on 03/04/2009 11:05 am
Lucinda Herbert

I have also sent money anonymously to people close to me going through hard times through no fault of their own. In this time of downsizing, or in the case of severe illness or death people need to form a circle of caring around their friends.

By Chris Glass` on 03/04/2009 12:05 pm I have done the same.  It’s a part of being a member of a family or a community and taking care of each other.  Twice we have had families in the community, who are among the working poor, that have lost their homes to fire. We and many others in our town reached out to them by donating cash, clothing, and food.  We didn’t expect anything in return. It was just the right thing to do.  I also belong to a local grassroots organization that donates to the families of children on the subsidized lunch list, at our local public schools, gift certificates to grocery stores so they can have nice Thanksgiving dinner and Christmas presents that are usually new winter coats, sweaters, socks, underwear, along with a few toys.  This is all done anonymously.   
By Lucinda Herbert on 03/04/2009 11:22 am
kermie b

I have been on the receiving end of friends saying they would love to give me money ever since I lost my job. I have not taken up anyone on this, but am truly flattered. I would sooner work many parttime jobs than impose.

Family, however, each of whom have at some point in my life borrowed money from me (never paying it back), and from whom I have made it a point never, ever, to borrow a dime, have been silent. Silence speaks volumes.

By kermie b on 03/04/2009 11:45 am
JJ GB
I have, but it depends on the circumstances.
By JJ GB on 03/04/2009 12:28 pm
Juanita Ward

I have done in the pass, but you kive and learn. I have such a good heart, it just might be the reason, I do not have anything now.

 

 

By Juanita Ward on 03/04/2009 1:03 pm
Murphy Mac

I have loaned money to my children with no expectation of having it returned. These were small amts. of money and I willingly gave it since I had it.

I agree, however, that loaning money to friends can be tricky. I would not quibble about small amounts of money ($5, $10 even up to $100) or expect them back. However, in the last couple of years, I loaned a large amount of money to a friend and she decided it wasn’t a loan, that it was a gift. Just as on any of the court shows on t.v., when I couldn’t get her to live up to our agreement, I had to take her to court. Winning the case was fine, but it still hurt to know a friend used me and never intended to pay me back. I know, someone above said it makes you wonder if we were friends in the first place, but I thought we were or I never would have loaned her the money. A very, very, very hard lesson to learn.

By Murphy Mac on 03/04/2009 1:49 pm
Cindy Figorski

Lending money to friends and family is a tricky business, because both parties can be hurt in the process. I have lent money before not worrying about when or If I was to be repaid, I look upon it as a gesture that one day I may need a loan or help, so what good you do now will one day be returned in kind.

By Cindy Figorski on 03/04/2009 3:14 pm
Lila Kuh
Yes, BUT:  I will gladly help a friend in a bind, with no expectation of getting the money back, but when the same friend gets into ever bigger and bigger binds and starts looking at you like a giant walking wallet to bail them out every time, forget it.  Then you are just enabling irresponsible behavior and that’s not being a friend.
By Lila Kuh on 03/04/2009 4:23 pm
jules verne

I "give" my children money.  I have six kids and five are grown and some with children.  I got put in a situation a year ago where a friend had continued to use a credit card I had taken out in both our names, my social security number being first, ten years ago.  The collection department part of the credit card company called me at work one day and wanted to know why I had not made a payment in six months.  I thought I was going to fall off my chair.  The amount was in the thousands. 

 I paid off the credit card company in full to begin building my credit score again with regard to that particular situation.  A year later and many lies later from her, I got my money because I was persistant.  I won’t do that again.  None of my other friends have put me in that situation and I wouldn’t do that to them either.

However, I would feed someone and even let them move in before I would lend anyone that kind of money again.

By jules verne on 03/04/2009 5:15 pm
CYNTHIA NEIL
I NEVER lend moey with the expectation of getting it back.   Therefore I only lend money I can afford to let go of.   And I regard it as a good deed and leave it at that.  If it comes back terrific, if it doesn’t my kids won’t miss a meal.   Some has come back some has not, and truly it reflects the character of the borrowers  I love them all and learned what I was supposed to learn about them.
By CYNTHIA NEIL on 03/04/2009 5:18 pm
Lauriate Roly

Along life’s wondrous way, I have loaned money. Not great amounts. Just what I would call “help outs”, and I have always been paid back. I wouldn’t lend a large amount, but I might give it, depending on the circumstances. Once I know that someone I care about is in need of cash, I’ll make a point of getting the cash to them, making sure they completely understand that I get great satisfaction out of providing what they need…and, absolutely “gratis”. No question about paying back. “I’m satisfied you need help. I can help you, but you must understand this is not a loan. Helping you is what I want to do and I get great satisfaction in being able to do so, because of who you are to me. If ever you are in the position I am fortunate enough to be in, please follow my steps and help the person out”.

(now take this money, and get the hell out of here). - Just kidding.

I’ve never lost the friends I have helped out. It’s such a great feeling to see the relief of a true friend who almost dies having to ask for a financial “help out“.

By Lauriate Roly on 03/04/2009 5:29 pm