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My boyfriend and I have been dating for the past six months and recently he asked me for a loan. As much as I love him, it only makes me think that loaning him money will complicate our relationship. What advice can you give me?
–LC, Providence, RI
- Be sure of the specifics and know exactly why your boyfriend needs money.
- Only lend money for paying rent, buying food, and paying bills, including money owed for child support.
- Never lend money for luxuries, vacations, and vanities such as plastic surgery.
- If you don't agree with the reason, don't give him a loan..
- If you argue about money now, then loaning him money will only increase the stress.
- If he is starting a business and you loan him money, be sure to put the terms of the loan in a formal agreement or contract, and have your signature witnessed by a friend of yours, or a lawyer.
- Be sure to include a repayment schedule and be wary if he doesn't make payments on time.
- Keep in mind of the fact that all texts and emails are legally binding.