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Posted on 4/5/16 at 6:16 am to thejudge
Over $500.00 that is the only way I would loan money to family adult family.
The problem is if you don't treat it like a business interaction from the start, it becomes a personal interaction from the smart. Those turn brutal.
The problem is if you don't treat it like a business interaction from the start, it becomes a personal interaction from the smart. Those turn brutal.
Posted on 4/5/16 at 6:17 am to thejudge
quote:A-FRICKING-MEN
I rather pay interest to someone I know than Sallie Mae. I would've taken him up on that offer.
Posted on 4/5/16 at 6:19 am to thejudge
I bollowed 20K to renovate my house for my wifes grandfather for 3% interest. He was the one who asked me also when we was talking about getting a loan out to do the renovation.
Posted on 4/5/16 at 6:43 am to thejudge
No one should just give you money for free, 2% would be an awesome deal for you.
Don't be a brokedick
Don't be a brokedick
Posted on 4/5/16 at 6:58 am to LSU-MNCBABY
I think it's a very reasonable thing to take it. He offered you a really low rate, it's not like he tried to get you to pay him the student loan rate back. If you are part of his inheritance, then it seems like you wouldn't mind giving him the money rather than some random stranger.
Posted on 4/5/16 at 7:00 am to thejudge
Charging no interest is losing money compared to what the money could make invested and considering inflation. In your case probably not worth it unless you think they will forgive the loan later on to help you out.
My father-in-law is a contractor and wanted to build us a house after wedding. We did a major renovation on a gutted house in NOLA. Was tricky to get homes insured and refinanced at that time so in-laws offered to hold the title and give us a mortgage for 250K. They took out a home equity loan on their main home for the amount and we are paying the interest they pay to the bank. I do automatic payments monthly so the topic never comes up and the large debt to in-laws hasn't gotten weird yet. The major down-side is that I can't deduct that mortgage interest on taxes since it's not a traditional mortgage. I am grateful for their generosity and would not expect an interest-free loan. But they are aging and I'm holding out hope they will someday forgive the loan as a form of early inheritance to their daughter!
My father-in-law is a contractor and wanted to build us a house after wedding. We did a major renovation on a gutted house in NOLA. Was tricky to get homes insured and refinanced at that time so in-laws offered to hold the title and give us a mortgage for 250K. They took out a home equity loan on their main home for the amount and we are paying the interest they pay to the bank. I do automatic payments monthly so the topic never comes up and the large debt to in-laws hasn't gotten weird yet. The major down-side is that I can't deduct that mortgage interest on taxes since it's not a traditional mortgage. I am grateful for their generosity and would not expect an interest-free loan. But they are aging and I'm holding out hope they will someday forgive the loan as a form of early inheritance to their daughter!
Posted on 4/5/16 at 7:23 am to thejudge
Have a client who was the bank for both of their kids home purchases. They are charging them interest on the loan, when they die if any amount is still owed the loan is absolved. Good ROI and passive income for parents, great deal for kids.
You always hear about the horror stories, but I think it's more common and less climatic than the stories you hear
You always hear about the horror stories, but I think it's more common and less climatic than the stories you hear
Posted on 4/5/16 at 7:25 am to thejudge
My dad charged me interest on $1000 loan to pay off a credit card when I was in college. Made me sign a prom note. 
In the end I think he waived most of the interest and maybe some of the loan but he was trying to teach a lesson.
In the end I think he waived most of the interest and maybe some of the loan but he was trying to teach a lesson.
Posted on 4/5/16 at 7:25 am to thejudge
I would never borrow money from family without paying interest. I would prefer we both benefit from the deal.
Posted on 4/5/16 at 7:30 am to thejudge
hahahaha 2% is pretty damn good. My own father loaned me money one time @ 6%.
hahahaha
Posted on 4/5/16 at 7:30 am to Creamer
When loaning money to family just accept the fact that it is a gift.
Posted on 4/5/16 at 7:35 am to 777Tiger
Where have you been?
We all just assumed you were in a tight spot with that flying brothel deal...
We all just assumed you were in a tight spot with that flying brothel deal...
Posted on 4/5/16 at 7:36 am to retired trucker
and biblically, no one should cosign for anyone else. debt is slavery to the lender. but we all have it. lol
Posted on 4/5/16 at 7:40 am to caliegeaux
There is really no place on the planet where less is known about the Bible than the OT.
Posted on 4/5/16 at 7:47 am to thejudge
quote:
I don't want his money and declined
Based on your whining, I think you do.
quote:
He asked me.
Actually, he offered to do you a favor.
quote:
father in law
You act like he owes you for schtooping his daughter.
Posted on 4/5/16 at 7:51 am to thejudge
Shakespeare I think said it best about 500 years ago.
Money has a time value to it.
Interest-free money is a gift to you. You are bitching about not getting a gift.
Money has a time value to it.
Interest-free money is a gift to you. You are bitching about not getting a gift.
Posted on 4/5/16 at 8:00 am to VetteGuy
Proverbs 11:15 "He who puts up security for another will surely suffer, but whoever refuses to strike hands in pledge is safe."
Proverbs 22:26-27 "Do not be a man who strikes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you.”
Proverbs 22:26-27 "Do not be a man who strikes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you.”
Posted on 4/5/16 at 8:05 am to thejudge
Take the money and don't pay it back. Consider it a dowry for marrying his daughter.
Posted on 4/5/16 at 8:07 am to soccerfüt
He's a dick for charging interest. Would never borrow from friends/family anyway.
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