re: Any of y'all been burned loaning a family member or friend money?

I find its easiest to ask family for money. Especially because once I get it they cant really do anything to get it back.

I got burned introducing two wholesalers in the 1990s.

I exited stage left - told him, 'You deal directly with him if that's all you're going to break me off' - and he ended up getting set up by the guy.

If you haven't been burned then you are probably the receiving person.

Tale as old as time. Consider all loans to family members as gifts

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I am trying to talk my fiancee out of doing this. It's 9k to her sister

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She will never stop loaning her family money. They will always come before you. Be sure you can live with that.

My wife was widowed before she met me. After she had received insurance $$, she was talked into loaning this cousin of her husband's $5,000 to keep his paver / landscaping biz afloat. This was like 20 years ago. A chunk of change.

I got wind of this and convinced my soon to be wife to file suit, which she won.

We settled a few years ago when he covered the labor install of our 2,500 sf outdoor patio and kitchen.

Best advice, don't do it. But if you, make it a loan agreement with a signed contract, interest rate, penalties, etc.

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Any of y'all been burned loaning a family member or friend money?

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Yes. Years ago. About 20k .. learned a lesson, if you really want to “help” just give them the money and don’t expect repayment. It’s a lot easier to deal with.

Don’t. Give it to them or don’t. If you are done giving them money tell them this is the last time, don’t ask again. Then when they ask, say ….no.

If you loan anything to family or friends than be prepared to lose it.