What rules have you guys set for yourselves regarding lending out money?

[u/Sweet-Dare-2770]

Someone borrowed money from me last Monday and they said they'd pay me back on Wednesday. This is someone i was once close to but not anymore but still care for them.

They came with their request and i wanted to help but I also didn't have cash on me then, and they sounded so desperate. So I borrowed from momo and sent to them, I was okay with paying back the loan. Still okay.

I did text them on Friday and they said they'd get back to me.

It's Monday evening now and still no communication from them but their stories are very active.

I wanted to wait for the weekend to end to give them the benefit of the doubt. I threw in the Monday as well.

One of my rules of lending money is don't lend out more than you can afford to lose. This was just 50k so it's ok. I'm now thinking of adding don't lend out money to those you haven't spoken to in a while, however close you might have been in the past.

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[u/Different-Bass-4277]

I just stopped lending out money all together. If I give you money I don’t expect it paid back because I know how people are. It’s very few times that I lend people money. Mostly family.

[u/Enjaga → u/Different-Bass-4277]

Yup very correct

[u/Ok_Carpet_9510]

Don't ask for it again. Forget it, and the friend.

[u/TastyTaco12]

Never lent out money, because brokies never pay back.

[u/IndependenceWorth156 → u/TastyTaco12]

Pay me back my 100 euros please🙏. It’s been 3yrs now😂😂

[u/claus_tomusange2025]

I like to keep a piece of collateral.

[u/Sweet-Dare-2770 → u/claus_tomusange2025]

What collateral can you ask from someone for such an amount of 50k

[u/Enjaga → u/Sweet-Dare-2770]

That amount just give it away

[u/Long-Definition7091]

I don't do it... If I'm really interested I just give them what I can afford at the moment.

[u/PastSad3]

Same old, same old. Don’t lend if you’re not a licensed and if you do, it should be an amount you are willing to lose.

[u/Fbaselleruae]

Don’t lend what you can not afford to lose

[u/Typical-Flounder-727]

I don't lend money and I don't borrow money that's it. I learnt the hardway

[u/DevJedis]

Sorry about the experience. My own rule is I lend and don't demand it, it helps weed out scavengers because they be fearing to approach you knowing you still demand them.

Don't ask me on the ones that borrow and pay back, but if you do, I make increase only thrice if their borrow addiction leads them to asking for increase or top up (which ever comes first), after that it's constant, you fail to pay back I know I've weeded you out too.

Someone tell me why this method won't work as intended? I'm all in to defend myself this evening.

[u/Usual_Tomorrow_769 → u/DevJedis]

You will lose a lot of money to alot of bad debts in the long run

[u/moistandwarm1]

Direct them to the bank

[u/Tiny-Specialist-3690]

5 cains for 10k
anyone intrested

[u/Special_Ad6854]

When someone brings up a problem multiple it by 3 incase someone says wants to borrow from u coz if his children school fees tell him u have a cancer patient at Mulago