Last year, a childhood friend of mine was in a financial bind. He was running low on cash, between jobs, and on the verge of eviction. I offered to loan him rent money. He agreed and vowed to pay me back within a couple months. Well, here it is one year later and now I need the money paid back. There have been a lot of hit and miss repayment attempts and missed phone calls and meetings. I even have another mutual friend trying to help collect the loan since I live in another state. This has become a fiasco!
Recently, another childhood friend got involved because he saw my distress. He and borrower exchanged some unkind words. Feelings were hurt and accusations made. Now, the loan has turned into a dramatic scene and I’m caught in the middle. I just wanted to help a friend in need and be paid back in a timely manner. I pray this ends today with the loan repayment, but will the hurt feelings and anger be as easily resolved? I asked myself after this experience, is it wise to loan money to friends?
What do you think?