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Borrowing Money From a New Friend: Is it Wise?


There is a simple answer to the question ‘Is it wise to borrow money from a new friend?’ – No! The answer is always no!

For those of you who have a relaxed attitude to money, and are reading this wondering why I am being so uptight, I can give you a multitude of reasons.

Trust in Them

Just ask yourself this one question – do you know what they want in return? If you had a new friend who asked to borrow money you might do it willingly without expectation, but that doesn’t necessarily work vice verse. The friend may be expecting something in return for the service they have given you. Ask yourself if you would want to be in their debt with limited knowledge of their behavior and values. Women in particular should consider this, if it is a male friend lending you the money, what will he want in return? Do you trust him not to take advantage? Unfortunately these are all things which must be considered when borrowing money from a new friend, or really a virtual stranger.

Trust in You

It is also important to remember that your new friend doesn’t really know if they can trust you to pay it back. They may be embarrassed to say no, if your relationship hasn’t reached the stage where that sort of thing is acceptable. Do you really want to put them in the position in the first place? And remember, even if this new friend is someone you have got to know very well very quickly, trust still takes time to build. Don’t assume that you have their trust because the chances are you don’t.

Damage to the Friendship

New friendships are often delicate; do you honestly want them monitoring your outgoings, glaring every time you buy a drink, or have a retail therapy session? This is quite likely to happen, particularly if your new friend felt pressured into giving the money.

You may also inadvertently make them feel that they will lose your friendship if they don’t give you money; nothing damages a friendship more than one of the parties feeling the relationship is under threat.

Your new friend may also feel that they can’t ask for the money back from you. If you do decide to borrow money from a new friend, then make sure you have some sort of agreed repayment scale in place. This can lessen the chances of anyone feeling awkward about repayment.

Also, don’t forget that you may feel there has been damage to the friendship. What if that person is now only friendly to you in order to get the money back? How would you feel lying awake at night worrying about that?

What Would You Think?

Finally, if someone you had been friends with for only a few months asked you for money, how would you honestly feel? A little used perhaps, uncomfortable? They will probably feel the same as you would. If you need to borrow money, it is OK to ask for help, but rather than asking a new friend, try someone you have known a long time and with whom you have established trust; that road is far less dangerous to travel!

Christine Crotts has developed the taste for a classic barber-style shave on her husband. Learning about and trying to achieve the perfect shave is a goal. Christine has a site with reviews of Dovo straight razor, including a review on a straight razor set.

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Listed: July 7, 2011 12:03 pm