I got hit up for another loan from a colleague today.
$200.
He's going home to India at the end of October until Thanksgiving, and I guess he needs a cash advance before his next paycheck. He even said he'll write me a check beforehand, and let me know when I can cash it.
I haven't gotten back the $300 I lent another colleague earlier this month.
Yes, it has apparently gotten around that I am the one sitting on top of wads and wads of cash.
Ironically, I earn less than ALL of them.
I'm more amused than annoyed, really. All of my colleagues are good friends, and I'm totally willing to help them out if it's in my power.
But I don't know how far I should let this go, or where I should draw the line. Could this turn into a slippery slope? Will they get used to this, and continue asking for loans, even for non-emergencies?
Once I get my desired cash flow scheme in place, I won't have as much of a buffer to hand out large loans. Yes, I'll still have loads in ING, but everything there is earmarked, and transferring money in and out constantly is not the most convenient of tasks.
I guess I'm just not sure if I'm being a doormat or a good friend.
Knowing me, though, I'll probably loan him the money. I do have enough to spare currently. And I like the 'pre-writing a check' idea. Maybe I'll institute that as a future loan policy.
Lending money to friends--good idea or bad?
October 26th, 2006 at 04:56 am
October 26th, 2006 at 05:55 am 1161842107
I'd try to limit the number of friends you loan money to at any one time...too hard to keep track of everybody and you don't want to be the bank. It also gives you an out..."gosh, I've loaned money to so-and-so1 and so-and-so2 so I'm short myself," isn't a bad little line.
October 26th, 2006 at 09:29 am 1161854954
October 26th, 2006 at 01:32 pm 1161869566
simply put, i think lending money to friends is definitely a slippery slope. start tellling them your cash in in a money market or online savings account and you don' t have quick access to it.
October 26th, 2006 at 03:43 pm 1161877422
Good luck
October 26th, 2006 at 04:27 pm 1161880058
Loaning money to co-workers would be even more of a gamble and then, if it goes south, things get uncomfortable at work. Perhaps your co-worker could ask for a pay-advance from your employer.
DH has had the same luck with his co-workers...so we just dont loan anymore.
October 26th, 2006 at 04:35 pm 1161880533
Lending $$ to co-workers is not in my book. When someone asks, I joke and tell him/her we get paid by the same boss, go ask them for the cash advance on the pay check.
October 26th, 2006 at 07:57 pm 1161892627
October 26th, 2006 at 08:21 pm 1161894086
If they're truly friends, they'll accept your answer and that's the end of it.