There are many cons to loaning money to family and friends, as noted above. But there can be positives as well. When the request is from a child (or when lending money to the family) who is now out on their own, they may be experiencing tough times and have lower earnings to draw from. Parents want to see their children succeed and are willing to help when they can.
Helping with educational expenses, getting that first car, and similar situations can be really helpful to your child. Maybe even a life changer. Just do not make it a habit. However, loaning money to friends rarely works out. Often the money is never repaid, and the friendship is lost.
Read more: https://www.cashone.com/blog/lending-money-to-family-and-friends
Robin Williams is an Executive at CashOne, which serves to connect consumers across the U.S. quickly with its authorized lender network for payday loans online. Robin has more than 20+ years’ experience in Administrative Management, with several years in the lending industry.
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