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5 Reasons Never to Borrow Money From a Friend

Should You Ask a Pal for a Loan?


Borrowing Money From a Friend

Should you borrow money from a friend?

Image courtesy of nuchylee / FreeDigitalPhotos.net

Money and friendship. Those are two words that don't belong in the same sentence. Financial matters sometimes have the power to end a friendship, but not always. After all, friends do go into business together without issue. Having said that, it takes a special pair of people to not let money get in the way of friendship.

If you're strapped for cash and thinking about asking a friend for money, here are five reasons why you shouldn't.

Money is Emotional

Not everyone looks at money the same way. For some, money can mean love or acceptance or trust. When you borrow from a friend, they may take that as a sign on the status of your friendship. Maybe they'll assume you're suddenly closer than you really are, or that you will consider them a best friend from now on. Assumptions like these can cloud a friendship with negative energy and feelings.

Some Friends Are Offended If You Even Ask

To some, being asked for money is the same as being betrayed. Some think that the people they call friends are the very persons who will never ask for an unreasonable favor, which includes loaning money.

While this attitude isn't necessarily healthy, it's better to avoid setting a friend like this off by asking for money.

Your Friend Might Expect Favors Forever, Even After You Pay the Money Back

Since money equals power to some people, a friend (even a wonderful pal who has always been good to you) may silently hold it over you when they lend you money. This means that even after you pay the money back, they'll expect you to do favors for them. They'll always look at you as the one they helped, and as a result it will make them feel as if you owe them for a long, long time. This attitude might not even be on a conscious level.

You'll Feel As If You Owe Them Forever

Even if a friend doesn't hold it over you, you might feel as if you owe them forever. While this isn't necessarily a bad thing when put in perspective (after all, your friend did help you when you really needed it), it can wreak havoc on your friendship and your self-esteem when taken to an extreme.

If you are someone that generally has a hard time relinquishing power or you crumble under the feeling of "being indebted" to someone, you should avoid asking for a loan.

You Might Jeopardize Your Friend's Relationship or Finances

Some people know that if a friend asks for money and they don't have it, they say no. Others will do anything to help a friend, and as a result they'll go into debt themselves just to be able to give a friend what they need.

These are the folks who will put their friends above even their marriage or business obligations. While helping a friend to the detriment of every other area isn't recommended, some people have a hard time with boundaries.

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