Loans: Best way to destroy friendship
The word loan is derived from the word to give which means “to give something in order to get something in return”. However, in the case of lending your friends money, you will not expect something in return. You may be expecting a thank you or not but you surely expect them to return the exact money lent out back except if stated otherwise.
Everybody has needs sometimes and when these needs arise, we make sure that these needs are met. In this period when money is scarce, people sometimes have to resort to borrowing as a means of getting money. There are several ways of lending money to people but the most important thing is to have friends or family members who will pay you back.
I stumbled on this post (Picture attached). A guy was asking a friend for a refund of the money he lend him. For over 4 years he refused to pay back and even blocked him. The guy was frustrated and he asked for his money but instead of begging or promising to pay it back, he was rude by calling the lender a “lunatic” and even promised not to pay it back. Such effrontery!
Personally, I've experienced it too. Mine was even Bitcoincash, I used to borrow my friends SBCH to invest in various SmartBCH projects and many of them made a profit from it but when it's time to return it problem starts. I ever ask for interest or an increase when the value decreases, all I ask for is the exalt BCH I lend out in satoshi. Imagine someone saying he has forgotten the amount (in satoshi) he borrowed. Some even say "Can't you just forget it? Just 0.5BCH that you borrowed me, you're asking for it".
They don't know how long it took to get 0.5BCH, or how many articles and hours of engagement it took. Maybe they know, they don't just care, to them "borrow" is synonymous with "Give". This has put a strain on my relationship with many.
Loans are one of the most common ways people borrow money. However, one of the easiest ways to lose friends is to loan them money. This can happen when you loan friends money and they do not pay it back. For example, try giving your friend $20, which he or she can pay back whenever they are ready. The probability of them returning it, however, is very low.
When they don't repay your loan it brings a lot of heartache and pain to the giver. It kills a friendship when one lends another person money, but that person does not return as at when due or starts putting up an attitude after lending the money.
This can lead to bitterness and resentment from the person who lent you the money. In fact, this might even lead to the end of your friendship. The reason behind this is that you will always remember them for not being loyal or for taking advantage of you.
To protect yourself from scams or frauds, carefully select a friend you would want to lend money to. Not everyone is honest and not everyone will return your money. Therefore, there are some ground rules you should be aware of when lending friends money.
-Firstly, when you loan friends money ensure that you have official paperwork signed or a receipt showing this. This is just to make it official and serve as evidence that you have paid them money.
-Secondly, do not loan your friends large sums of money. A general rule is just not to lend out more than 50% of their annual income. If the friend is struggling financially, then it might be time for you to extend a helping hand without expecting them to pay you back. Better to just give the amount you believe you can spare than loan out a huge amount they won’t return.
-Thirdly, if at all you must lend money to your friend or family member, ensure that they will be able to pay you back in a short time. They should repay you early than late. Also, ask yourself - “Can this person return this money back? What work is he doing or is his source of income enough to pay back?”
Conclusion
In fact, the history of friendship has not been so friendly when it comes to the borrowing and lending of money. Sometimes, it is not only money that gets destroyed. Even marriages have been broken because of money. Shakespeare had said: “A loan oft loses both itself and friend”. So before taking loans from friends or giving out loans think twice.
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What a true and beautiful subject you have talked about. I needed money recently. I borrowed it from a friend. but my friend got mad at me because i couldn't pay on time and our friendship is over