When Your Boyfriend Asks for A Loan - Dating

When Your Boyfriend Asks for A Loan — Dating

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

Loan nothing to a person you are dating. It is as simple as that. Loaning someone you are romantically involved with – but not legally bound to – can change the dynamics of the relationship.

However, if you need to show your love and support, protect yourself. Loaning your boyfriend money shouldn’t be fear-based. You shouldn’t loan him money because you think you might loose him if you don’t ante up.

Take precautions:

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.