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Started By
Message
Borrowing money from family and being charged interest?
Posted on 4/4/16 at 10:27 pm
Posted on 4/4/16 at 10:27 pm
So my father in law asked me today what my student loans were interest wise. Offered to lend me money at 2%. I don't want his money and declined. Got me thinking though. Anyone have a family member charge them interest on shite? This cat has quite a bit of money. Said his money isn't making him shite in his credit union..
Don't care, I take care of my bills and didn't ask him for anything. He asked me.
Edit: we talking just under $10k
Don't care, I take care of my bills and didn't ask him for anything. He asked me.
Edit: we talking just under $10k
This post was edited on 4/4/16 at 10:29 pm
58
Posted on 4/4/16 at 10:28 pm to thejudge
Can't spare the vig with kinfolk.
Posted on 4/4/16 at 10:29 pm to thejudge
I rather pay interest to someone I know than Sallie Mae. I would've taken him up on that offer.
Posted on 4/4/16 at 10:29 pm to thejudge
if you're paying >2% why not? it's only money/bidness
ETA: plus, once you get the big "D" you can default and his daughter can pay him back
ETA: plus, once you get the big "D" you can default and his daughter can pay him back
This post was edited on 4/4/16 at 10:33 pm
Posted on 4/4/16 at 10:29 pm to thejudge
Your father-in-law is a dick. Put it in your wife's butt to show dominance.
Posted on 4/4/16 at 10:30 pm to thejudge
I'd rather go bankrupt than borrow from family.
Posted on 4/4/16 at 10:31 pm to thejudge
Never do business with friends or family.
Posted on 4/4/16 at 10:32 pm to thejudge
If you know that you're good for it and he offered to help, then why not let him help? I hate taking money from family as well but it sounds like he is offering you a good deal. It may be his way of thinking that he is still looking out for his daughter.
Posted on 4/4/16 at 10:33 pm to thejudge
I've got nothing free in this world so if someone offered me a loan for 2% I would take it. Maybe he is trying to teach you a life lesson.
Posted on 4/4/16 at 10:33 pm to Five0
quote:
Never do business with friends or family.
Especially in-laws. frick to the no.
If he asks again, say "Yeah, I need $10k for my student loans and Jenny needs $2500 to get her B-hole sewn back up after I tore that shite up last night."
Look him dead in the eye when you say it.
Posted on 4/4/16 at 10:33 pm to thejudge
Sounds shady
Posted on 4/4/16 at 10:34 pm to thejudge
If I ever needed it they'd let me have some, as long as I paid back.
And if I did I'd say I would want interest to be fair.
And if I did I'd say I would want interest to be fair.
Posted on 4/4/16 at 10:34 pm to thejudge
What is your current interest rate? If it is greater than 2% and you have a few years left to pay, I wound take it.
Posted on 4/4/16 at 10:35 pm to thejudge
I don't blame you man, pretty bogus [ I don't think he knows ] He's putting money above family 
Biblically family does not charge usury
strangers ok to do so
Biblically family does not charge usury
strangers ok to do so
Posted on 4/4/16 at 10:37 pm to 777Tiger
quote:
if you're paying >2% why not? it's only money/bidness
did you forget that OP's title actually has the word "family" in it?
Posted on 4/4/16 at 10:40 pm to thejudge
quote:
Don't care, I take care of my bills
At a much higher rate than 2% apparently.
I typically advise against doing business with family, but if your student loans are charging you more than 2%, why not accept his offer and save yourself some money?
Posted on 4/4/16 at 10:41 pm to thejudge
Pics of your wife and mother-in-law.
Full disclosure.
Full disclosure.
Posted on 4/4/16 at 10:43 pm to cas4t
quote:
did you forget that OP's title actually has the word "family" in it?
never faced that scenario, but I'm thinking the FIL is trying to help the kid save some money and face at the same time,I had pre-paid state tuition for my daughter, she wanted to go to an Ivy League priced school, I told her fine, you have to make up the difference, when she graduated she had a small outstanding loan,as a graduation present I paid it off, good education for her, great savings for me
Posted on 4/4/16 at 10:43 pm to thejudge
Why wouldn't you take the deal? It's good for both of you and it's not charity. All these "never borrow from family" folks must have shitty families.
Posted on 4/4/16 at 10:43 pm to thejudge
People do this all the time. Sounds like you married above your class and don't know how to act. It's mutually beneficial and you may learn a thing or two about writing a financial contract in the process. He's not giving you a handout, and you've likely insulted him. Way to go.
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