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Message
re: Borrowing money from family and being charged interest?
Posted on 4/4/16 at 10:45 pm to thejudge
Posted on 4/4/16 at 10:45 pm to thejudge
I would never borrow money from family unless the situation was extremely dire.
You take that money and every purchase you make until it's paid off will be with him looking over your shoulder.
But you should refinance to a lower interest rate if you plan on taking a while to pay it off.
Sofi & DRB are offering fairly low rates right now.
You take that money and every purchase you make until it's paid off will be with him looking over your shoulder.
But you should refinance to a lower interest rate if you plan on taking a while to pay it off.
Sofi & DRB are offering fairly low rates right now.
2
Posted on 4/4/16 at 10:46 pm to thejudge
Never ever do business with family.
Deals go bad all the time due to unforeseen circumstances of life. When it's a deal with a business or 3rd party, you can walk away and even though it sucks, both parties get over it.
When a deal goes bad with family, that shite sticks and you'll most likely never be able to move on from it.
Deals go bad all the time due to unforeseen circumstances of life. When it's a deal with a business or 3rd party, you can walk away and even though it sucks, both parties get over it.
When a deal goes bad with family, that shite sticks and you'll most likely never be able to move on from it.
Posted on 4/4/16 at 10:47 pm to thejudge
You are an idiot. Why would you pay more interest than you have to?
Wife had like $20k in student loans, my grandparents are sitting on a bunch of money cuz my grandpa is a cheap arse and don't have anything to do with it. He paid off the loan and charged us 1% interest since that was more than he was getting with it sitting in his savings account. We made the same payments we were making to her original lender which saved us around $2K and allowed me to put more money into our retirement account.
Are neither you nor your father in law financially literate and trustworthy people?
Wife had like $20k in student loans, my grandparents are sitting on a bunch of money cuz my grandpa is a cheap arse and don't have anything to do with it. He paid off the loan and charged us 1% interest since that was more than he was getting with it sitting in his savings account. We made the same payments we were making to her original lender which saved us around $2K and allowed me to put more money into our retirement account.
Are neither you nor your father in law financially literate and trustworthy people?
Posted on 4/4/16 at 10:48 pm to cas4t
Sounds okay on the surface, but I know relatives who would always remind you of the great "favor" they did you on the loan, saved you money, etc, and expect infinite favors in return forever. Accepting a favor from them is like getting one from the godfather.
Some also would use it as a excuse to comment on your finances. "Y'all sure do eat out a lot for a family with a new car and student loans."
frick that. The Millionaire Next Door book gives a lot of reasons to not do such deals with family.
Some also would use it as a excuse to comment on your finances. "Y'all sure do eat out a lot for a family with a new car and student loans."
frick that. The Millionaire Next Door book gives a lot of reasons to not do such deals with family.
Posted on 4/4/16 at 10:49 pm to TigerDeBaiter
I don't need or want it. What bothered me was the whole bank isnt making me enough so I'll loan it to you instead tone.
And it family. That discussion aggravated me. I was there 4 hours fixing his computer for the 1000th time because he won't get rid of AOL. He gives money out to the deadbeats left and right. Charges me interest lol.
Maybe I'm being a bitch about it
And it family. That discussion aggravated me. I was there 4 hours fixing his computer for the 1000th time because he won't get rid of AOL. He gives money out to the deadbeats left and right. Charges me interest lol.
Maybe I'm being a bitch about it
Posted on 4/4/16 at 10:49 pm to thejudge
You are wise not to take it. I know someone that did something similar and his in-laws didn't like it when he and his wife were spending money on "fancy" dinners, clothes, etc. They felt like they should be paid before the son in law spent anything on entertainment. It led to some very hard feelings. There are always strings attached with family.
Posted on 4/4/16 at 10:50 pm to lilsnappa
quote:
You take that money and every purchase you make until it's paid off will be with him looking over your shoulder.
What? Jesus, some of you guys are dumb. You think this FIL is loan sharking him? There would be a defined amortization in place - or at least I would assume so. And he's doing him a favor and making a tiny amount of cash in return. I don't think the FIL would be pressuring him to pay it off early if he is the one earning interest.
Posted on 4/4/16 at 10:51 pm to thejudge
quote:
I don't need or want it. What bothered me was the whole bank isnt making me enough so I'll loan it to you instead tone.
And it family. That discussion aggravated me. I was there 4 hours fixing his computer for the 1000th time because he won't get rid of AOL. He gives money out to the deadbeats left and right. Charges me interest lol.
you just answered your dilemma question
This post was edited on 4/4/16 at 10:53 pm
Posted on 4/4/16 at 10:52 pm to MadDoggyStyle
Bunch of people here with some real messed up families. Why would they care what you were doing with your money as long as the check or bank transfer came in every month.
I guess maybe it's different if you asked to borrow money vs someone offering money to you without prompting....maybe
I guess maybe it's different if you asked to borrow money vs someone offering money to you without prompting....maybe
Posted on 4/4/16 at 10:55 pm to YipSkiddlyDooo
quote:
Bunch of people here with some real messed up families. Why would they care what you were doing with your money as long as the check or bank transfer came in every month.
I guess maybe it's different if you asked to borrow money vs someone offering money to you without prompting....maybe
meh, things change when $ is involved
Posted on 4/4/16 at 10:56 pm to thejudge
quote:
And it family. That discussion aggravated me. I was there 4 hours fixing his computer for the 1000th time because he won't get rid of AOL. He gives money out to the deadbeats left and right. Charges me interest lol.
Hmmm, that does throw another dynamic if he's doling out cash to deadbeats.
Maybe he respects you more than them and knows you wouldn't take a handout and this is his way to help you but not offend you. Idk. I think it's fine in principle, but I don't know the guy either.
AOL... My god... Tell him it's a deal, but all proceeds from the loan go to you picking out a new computer for him. Win win win.
Posted on 4/4/16 at 10:56 pm to thejudge
No way. I am an adult. I take care of my shite. OP is talking less than 10k. Not worth the headache
Posted on 4/4/16 at 10:56 pm to Dirty Rascal
quote:
Your father-in-law is a dick.
I don't know these people, but it sort of seems like something he could use to hold over you and show dominance/superiority. I wouldn't have accepted either.
Posted on 4/4/16 at 10:57 pm to TigerDeBaiter
quote:
AOL.
wait... what?
Posted on 4/4/16 at 10:59 pm to thejudge
He's trying to assert his dominance over you through debt.
Posted on 4/4/16 at 11:00 pm to thejudge
If I were in my 20's like you most likely are, there is no question I accept the deal. Be smart in some situations, not chesty. You have all the time in the world to show him you're "a man".
This post was edited on 4/4/16 at 11:01 pm
Posted on 4/4/16 at 11:00 pm to thejudge
No. Never borrow money from family
Posted on 4/4/16 at 11:01 pm to Sao
quote:
If I were in my 20's like you most likely are, there is no question I accept the deal. Be smart in some situations, not chesty. You have all the time in the world to show him you're "a man".
wise words Sao
Posted on 4/4/16 at 11:03 pm to thejudge
quote:
What bothered me was the whole bank isnt making me enough so I'll loan it to you instead tone. He gives money out to the deadbeats left and right. Charges me interest lol.
Well that changes things IMO. If he is offering it to only help himself and not to help you and his daughter then he can go frick himself.
Posted on 4/4/16 at 11:04 pm to thejudge
quote:
Maybe I'm being a bitch about it
You are. He's trying to help you out and you can't get your head out of your own prideful arse.
ETA. You can tell who in this thread handles family situations as mature adults.
This post was edited on 4/4/16 at 11:07 pm
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