MyTwoCents: “If she gave me a loan, ideally around $1,000, I could have some breathing room to search for a good job. How do I go about this?”
Photo: Debrocke/ClassicStock/Getty Images I got laid off a few months ago and I’m still looking for a new job. I’ve been getting by with random work , but I’ve finally hit a point where I don’t think I’ll make rent this month. I can’t ask my parents for help , and at this point, I think my best bet is to borrow money from a friend. Her family seems well off, so I don’t think I’d be putting her in a tough spot. I also know she lent another friend money a little while ago.
Alternatively, what happens if you take years to repay her? It’s possible that she’ll hold the favor over your head or judge the way you spend money. I know a woman who loaned money to her brother to buy a house, and she says it was hard to watch him make “frivolous” purchases while she waited two years for him to pay her back. “I wish we’d been more formal about defining the terms,” she says. “Then I probably wouldn’t have been so anxious about being taken advantage of.
That said, people lend each other money all the time, and sometimes it’s fine! I literally overheard someone on the street asking for $500 over the phone last weekend. Perhaps your friend will be delighted to help and will Venmo you straightaway. “I think there are certain circumstances and certain relationships where borrowing money from a friend can work,” says Megan Ford, a financial therapist and clinic coordinator at the University of Georgia.
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