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Forum
-> Household Management
-> Finances
Have you ever lent out money?
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| Yes - I was paid back in full |
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13% |
[ 11 ] |
| Yes - I got partial payment |
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3% |
[ 3 ] |
| Yes - I was not paid back |
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12% |
[ 10 ] |
| Yes - Few times - always paid back |
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15% |
[ 13 ] |
| Yes - Few times - sometimes paid back |
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29% |
[ 24 ] |
| Yes - Few times - never paid back |
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6% |
[ 5 ] |
| No |
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19% |
[ 16 ] |
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| Total Votes : 82 |
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amother
Firebrick
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 Tue, Jul 07 2015, 5:03 pm
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Have you ever lent out money?
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amother
Saddlebrown
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Tue, Jul 07 2015, 5:04 pm
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Yes. What do you want to know?
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amother
Firebrick
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Tue, Jul 07 2015, 5:09 pm
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I want to know how to tell if someone will pay back. Is there a pattern?
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ven
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Tue, Jul 07 2015, 5:27 pm
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U should only lent out the amount u dont really need to get back.
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alittlebirdie
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Tue, Jul 07 2015, 5:29 pm
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Get a signature and someone to vouch for them
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amother
Saddlebrown
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Tue, Jul 07 2015, 5:50 pm
| alittlebirdie wrote: | | Get a signature and someone to vouch for them |
You should get checks in advance. The gemaches get 4 signatures of guarantors.
I will only lend out big sums with post dated checks and with an agreement that is made by my rabbi.
I also check to make sure this person had the means to pay back.
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amother
Teal
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Tue, Jul 07 2015, 6:06 pm
We lent out a nice amount of money (at least to us) and it took a long time and a lot of frustration until we saw any of it back. The borrower would ignore my husbands calls and never showed any good faith in trying to repay it. I don't think I would lend money out again so fast, not because of the money, but because of the hassle and resentment that it brought me. At one point I gave up on ever seeing the money again but I still couldn't let it go. When I see this man, his wife or family (we live in the same community), I have a hard time not thinking of how he was so not mentchlach about the loan. This family also lives a fancier lifestyle than us, which made this so much harder for me when I see his kids all dressed up, fancier simcha's than we would do and his house redone.
It seems like this specific borrower has done it to a few individuals in my community and our Rav was aware of it, but obviously we weren't.
Also, I am not sure if we had it in writing, but I don't think the borrower ever refuted that he owed us money, he just wasn't repaying. So I guess we could have taken him to bais din or court - but again such a hassle and bad feelings between people.
Looking back, I probably would have also felt better if I thought it was someone in need and when they didn't repay it, I would have just chalked it up to Tzdakkah.
So in summary, only loan if you would be okay not getting repaid and also if you wouldn't feel resentment if they don't repay.
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zaq
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Tue, Jul 07 2015, 6:43 pm
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Define "money". Five bucks for carfare for someone who left her wallet at home or fifty grand for a down payment on a house?
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MagentaYenta
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Tue, Jul 07 2015, 6:49 pm
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I loan out small amounts up to $500. Always get paid back.
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pause
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Tue, Jul 07 2015, 8:39 pm
We have lent out a few thousand dollars at a time to people. We only lend to people who have a plan of how to pay it back. One friend said when he gets his tax return; another one said when he gets paid for the job he's in middle of doing. If it makes sense, we lend it. One friend had no plan, he needed it to pay his mortgage. Well, then after discussing it with me, dh said, sorry, we can't now.
My dh writes out an informal contract with a date by when the loan must be repaid, and the borrower signs it. Some people return the money at or before the agreed upon time, while others dh had to ask them. But B"H we've gotten it back.
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watergirl
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Tue, Jul 07 2015, 8:42 pm
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First and last time I lent out money was the day That I came home from the hospital after having a baby. A neighbor asked for $75 for his rent. All I had was a hundred dollar bill (out of $500 that was given to us to pay for the mohel). He promised to pay back the $100, even signed an agreement. He promised to pay us back before the bris. Bris came and went - he said many times that he was coming over "tonight" with the money. My son is now 6. Havent seen it. That was how I learned to loan only if I can consider it a gift.
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amother
Slategray
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Tue, Jul 07 2015, 8:51 pm
my husband lent out $200,000 to the most "honest" man in town and it was supposed to be for a few days. I won't get into the details of why my husband was put up to this and didn't have a way out. Everyone who knew him vouched for him. It wasn't even our money. We pulled it from our line of credit. You can guess the rest....... 
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amother
Hotpink
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Tue, Jul 07 2015, 9:24 pm
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I have never lent out a significant amount of money, however I borrowed 20k once to help woth buying my first house. I paid it back within six months. (Although the person I borrowed from thou it woukd take a few years)now I borrowed 20k again to buy my new house. Iyh I hope to pay hom back within two years.
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shabbatiscoming
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Wed, Jul 08 2015, 3:10 am
| amother wrote: | | I want to know how to tell if someone will pay back. Is there a pattern? | a pattern? What does that even mean? And every single personw ho ever borrowed money is different from the next one.
We lent out a few hundered dollars to someone. We told ourselves that we knew the person SAID he was going to pay us back but we also knew that that person was broke. So we told ourselves it was tzedaka. I would say more than 5 years passed and the person was finally able to pay us back. I was so imporessed. And what a wonderfl feeling that person must have had, to know that they were finally able to pay back what they borrowed (and he had written a promisery note, so he held up his part of the deal). We had already written it off, but were very glad to get it back.
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amother
Saddlebrown
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Wed, Jul 08 2015, 7:09 am
| amother wrote: | You should get checks in advance. The gemaches get 4 signatures of guarantors.
I will only lend out big sums with post dated checks and with an agreement that is made by my rabbi.
I also check to make sure this person had the means to pay back. |
I have always been paid back. I lent $50,000 out so a person could get rid of their credit card debt to qualify for a mortgage for 3-years. It is 2 1/2 years and all the checks have been good so far. We lend out around 10,000 for people waiting for bonuses or tax returns so they had money for yom tovim or vacation. BH we have always been paid back because of the checks and because there is a plan to pay it off.
We declined to lend when there was no plan. Make your decision to lend based on the ability of the person to pay back rather than need. For those in need give tzeduka.
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Iymnok
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Wed, Jul 08 2015, 7:25 am
It is assur to loan money without a contract. It can be a simple one-liner. If it's over a certain amount, I'd make sure there are garanteurs.
It goes without saying that I would never loan a significant amount without consulting Dh, and him me.
I'd also consult him before giving a larger sum to tzedaka, regardless of the worthiness of the cause.
He has lent his rebbi money and is always paid back on time. So I trust his rebbi.
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chani8
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Wed, Jul 08 2015, 7:31 am
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I cannot handle loaning people money, worrying how hard it may be for them to pay it back. I may 'loan' the money but I try to turn it into a gift as soon as possible.
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amother
Saddlebrown
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Wed, Jul 08 2015, 8:02 am
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amother
Cyan
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Wed, Jul 08 2015, 8:15 am
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Someone who borrows money does it because he's in need - even if you see him living a high lifestyle - so when borrowing and the person doesn't pay back it says you should go to the other side of the street not to cause him shame. If Hashem gave you and you can afford to help people feel lucky
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abound
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Wed, Jul 08 2015, 9:48 am
Try to find out if he has other loans.
Try to find out if he had other loans in the past and how long it took him to pay back.
Ask them if they have a plan how to pay it back.
Find out if he is taking out many loans at one time.
If he is living on a very high standard- then he may not be so careful with the money.
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