Tuesday, February 19, 2013

Loaning or Borrowing Money from Family and Friends

Loaning or Borrowing Money from Family and Friends

by Keith Bunn Jr.
February 19, 2013

Originally posted  
October 21, 2012

Have you ever loaned money to a family member or a friend? What about borrowing money from them? We have done both and it didn't really do anything to help us but boy did it add more stress to our lives. It added stress by having to ask for the loan and paying it back or for us asking for repayment after loaning others money, and it does strain the relationships we have in our lives by loaning and borrowing money. The bible says that the borrower is slave to the lender, and after being on both sides of that coin, we know that to be a true statement!
So if you truly cherish the relationships you have, don't jeopardize them by loaning or borrowing money. It's not worth it!!

I hope my posts inspire you to look at what you’re doing financially and if needed, make some changes that will cause you to win financially. I also look forward to reading your views on any articles or postings that I may post. For more money news, facts and ideas, follow me on Facebook, or Twitter. Thanks you!


  1. In contrast, your definition 90 day payday loans (if I’ve got it right) includes the idea that just the central bank issues money (and not private banks).

  2. I'm sorry Elizabeth, I didn't mention payday loans or banks in this blog posting, so I'm a little confused.

  3. If your purpose was to try to advertise payday lending as a great way to borrow money on my blog page, I'm sorry to say that you are absolutely wrong! Payday lending does nothing but prey on the poor & those who are in a financial bind. Those people who get payday loans are scared & don't see any other way out, unfortunately, all payday loans do is make a bigger mess for those people. I know, I've been there! Don't believe me? Then try some of these other people who have gotten these loans & regretted it...

    About 5 years ago I got into "Payday Loans" because I was living large and didn't think that the charge for it wasn't that bad. After awhile I ended up getting another Payday loan from another company just to help pay off the first loan and go back and fourth with that for a year. It was HARD but I was able to get rid of BOTH "Payday loans" that I thought I needed to buy stupid things that I don't even use nor use anymore.

    Never...ever...ever....ever....doing this again! It is a trap! The borrower is prisoner to the lender.

    I fell in to the trap as well. After the pay raise that never came and medical bills piling on after having a baby, I had no idea that I could negotiate said bills. Instead, I got worried and instead of breathing, thinking clearly, coming up with a payoff strategy for the medical bills and actually CALLING the bill collectors to talk to them, I rushed into payday loans. Lesson learned! Now I'm working on paying those off one by one.

    I took three loans out to cover the income loss by a $24,000 reduction in pay. What a mess! I am now paying them off little by little but they are like Dave Ramsey said scumbags. They call threatening and harassing even though I am sending them what I can. It is a nightmare!

    We got into this vicious trap and Thank God we are free of it. At the time you think a perfect solution to an unexpected situation So Wrong. The payday loan industry is the Devil period it keeps people hostage I hope they are go out of business. My prayer is that anyone who is in this that they get free and Never use them again.

    I can go on & on with this, but I think I made my point. Payday loans suck!!!