20 People Who Will Think Twice About Loaning Their Stuff Again (2024)

FAQs

What 5 pieces of advice would you give someone who was about to borrow some money? ›

Just say no, and stick to that one simple and final answer. DON'T EXPLAIN OR MAKE EXCUSES. When you say no, don't offer explanations or excuses. Doing so only opens the door to a discussion and prompts your friend or family member to try to overcome your objections.

These are considered as the common verbs which are confusing for many learners of English. This is because borrow and lend have the same basic meaning, but these are used for different “directions” in the English language. For example- He often lends his car to his friend. Whereas, I often borrow his car.

If, however, the frequency of borrowing is very high, especially towards the end of every month, you should find out why. It is possible that your friend has poor money management skills, or is big spendthrift, or is dealing with emotional problems and uses spending as an outlet, or is simply addicted to spending.

With so much to consider and the potential for problems, it's pretty safe to say that love and loans don't always go well together and can make a good situation bad and a bad situation worse. Therefore, avoid becoming a lender to your relationship partner if you can.

The additional amount is generally called interest. People borrow money for many reasons: to buy a car or a house; to remodel their home; to pay for college expenses; to open a business; and, in some cases, to pay their bills.

You can say, "No, I can't let you borrow that. It's special to me, and I don't want it leaving this room," or, "That's my favorite shirt, and I know you'll be careful when you wear it, but I would be really upset if something happened to it or it got ruined. You can borrow another one, though!"

Express empathy and understanding for their situation and assert your financial boundaries. Remember that refusing their request is not a personal attack on the person asking for help but rather a responsible decision for your own financial well-being.

Asking a friend to lend you money is an etiquette no-no. You may borrow money from a family member under certain circ*mstances, but if you do, have a written plan and timeline to pay it back and offer to pay a small interest rate or whatever the lender stipulates.

Is it bad to borrow money from someone? ›

It's important to avoid borrowing from people who you don't know well, such as colleagues, casual acquaintances, friends of friends, or people you recognise in your local community or faith group.

Having too much debt can make it difficult to save and put additional strain on your budget. Consider the total costs before you borrow—and not just the monthly payment. It might sound strange, but not all debt is "bad." Certain types of debt can actually provide opportunities to improve your financial future.

Borrowing money to make ends meet is also a red flag. These are signs that your partner is not fiscally responsible, and this can land you both in hot water down the road.

Put simply, you should ask for your money back because it's your money. When it comes to money, we are generally cautious when giving it away without something in exchange, but with friends and family, it's different. Although the circ*mstances depend on each situation, the fact is you should ask for your money back.

There are certain situations in which a friend or family member might approach you to borrow money. For example, you might be asked for a loan if they: Need money quickly to cover an emergency expense. Lack sufficient credit history to qualify for a personal loan or line of credit.

"Please lend me your car. Please lend me your pen." This sounds quite formal, actually. "Please lend me." Keep in mind though we cannot use "please borrow." We can't say, "Please borrow me." That's incorrect. We can only use "lend" here.

Choosing a low monthly payment and a long repayment term often comes with a higher interest rate. In the long run, you up paying more for the loan. As a general rule, borrowers should aim to spend no more than 35% to 43% on debt, including mortgages, car loans and personal loan payments.