would you require your friends a collateral before let them borrow money?
By clorissa123
@clorissa123 (4926)
United States
August 24, 2009 4:02pm CST
So, let say, you are really concern about your hard - earning money, and you don't want to let people borrow it without return it back. So, if a friend of yours in desperate need of borrowing some money from you. Would you simply let them borrow that much money. Or for secure your loan reason, you might want your friend to come up some sort of collateral, which you can hold on to it. At the end, if your friend come up with the money to pay you back, you can return that collateral?
2 people like this
4 responses
• United States
24 Aug 09
How much of a friend are they then? If you dont trust them to give it back? I fmy friend required collateral i would be hurt because thats not trust and what is friend ship without trust.
@clorissa123 (4926)
• United States
25 Aug 09
what if your friend had history of not paying you back money for quite a few occasion, would you do the collateral as I suggested? Won't that hurt you? if your friend not going to pay you money back?
@3superkids (446)
• Philippines
25 Aug 09
i could let a friend borrow money anytime as long as i have enough funds. one of the many painful lessons that i've learned from the difficulties of life is that nobody would willingly help you particulary in terms of money. i went through financial crisis and along the way i've heard painful and hurting words from people whom i thought understood my situation. those difficult times thought me to become more sensitive to others. now when a friend ask for a financial help if i could afford it i never say no even if i'm not sure when or if i would get it back because i know a friend would never intentionally not pay back, he or she probably could not afford it yet...so i guess i won't...i won't need a collateral...
@AeriaGloris (28)
• United States
24 Aug 09
It depends on the amount. If it is a large amount then you have to treat it like a real loan. That means making sure it's in writing and letting the conditions be known. Sure we should all be thoughtful and willing to help out a friend but at the same time, the person who borrows the money should be willing to pay it back. It's "borrowing" for a reason. Making sure that the terms are clear avoids headaches down the road.
