Lending and Borrowing to Friends and Family

Often times we have had fights and sometimes parted ways with loved ones on borrowing and lending, particularly on money issues.

Lending (meaning)

•   to give (something) to (someone) to be used for a period of time and then returned
  

•   : to give (money) to someone who agrees to pay it back in the future
  

( from Meiriam Webstar dictionary)

Human are unpredictable, we do things out of anxiety and eagerness, when we want to lend out money we need to consider some factors.

• Do i have reserve if the person fails to return at appointed time?
• Am i lending out what’s actually mine or its what someone else kept with am lending out?
• Is the person am lending out to using it for a good course?
• Do i have personal pending matters to sort out with what am lending out?
• Do i have options to what am lending out?

These are part of the few things I think one should consider before lending out money or items.

Borrowing (meaning)

Receiving something of value in exchange for an obligation to pay back something of usually greater value at a particular time in the future
( from the business dictionary)
We borrow with the hope to return at the promised date, but series of events happen before r the due date, and on most occasions we cant meet up with the promised date to pay back.
Here are few questions to ask oneself before borrowing

• Do i have the means to pay back at due time?
• Am I borrowing from someone who has excess?
• Am I borrowing because i want to oppress?
• Am I borrowing because i have a promise somewhere?
  If the answers to the above is justified then we can go ahead to borrow, but we limit it because borrowing for flimsy reasons doesn’t help us grow.... it affects our savings and our relationship with friends and family , no one likes to be tagged a BORROW BORROW... we wouldn’t like it if our neighbors doesn’t answer to the knock on there door because they know we are coming to borrow..

My little knowledge being shared... will appreciate your comments🙏
@deronke