This was originally posted last year. I've submitted an update because the loan was finally paid off today! I checked the mail today and there was my $75. I LOVE it when I get unexpected money.
I have a friend who was going through some pretty rough financial times about 2 years ago. My friend asked me to borrow $200. I said no at first but something inside me told me to do it this one time.
We agreed that I would be paid back $50/month for 4 months. First month, I got the first $50 with no problem. Second month....nothing. Third month I received another $50. Fourth - Twenty fourth month...nothing. I decided after the fourth month that I probably would not get the rest of the money back and took it as a loss. Well today I get my mail and I have a letter from my friend. I thought that was odd as we usually speak on the phone every few months or so. I open the letter and what do I find?????? A check for $25!!!!!! Granted, the balance is $75 but as the letter explained he is getting better with his finances and he wanted to pay me back for helping him.
He advised I should look for another check next month. Will I hold my breath for it? No...I just hope his check doesn't bounce.
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I think it was nice of you to loan him the money. Even though he didn't pay as expected, he obviously still has it on his mind and I'll guess he'll pay you back in full at some point. Doesn't sound like he was using you just for some cash.
If you trust your friend and know him. Don't worry, you will have your money back but it very sad... He just brick a trust from you...
it's ok to loan a friend a money the first time. if he can't pay you back you can just chalk it up to experience and at least he'll have the decency not to borrow from you again as he has not paid you back yet.
but if he did pay you back and he loaned again, knowing that it takes a very long time for the payment, would you loan him the money again?
@entrepgirl: I would not loan him money again unless it was a life or death situation. I'm made a pledge not to loan money to family or friends anymore because it usually ends up bad.
I had a similar situation, but ad one more 0. When I got the last check in the mail, 2 years later I was a very happy girl.
My rule on loaning money is to only loan what you can afford to give. That way, if you don't get it all back you're not in a bad situation.
Wow! 2 years to pay $200.00. Not on the priority list!