Money Moral Dilemma: Should I charge my girlfriend interest for a 'loan'?

jam200

If you can afford it and have a good relationship, then do it without interest - as it won't be much anyway - but get something in writing. Having watched Judge Judy too many times for my sins, you may need to prove it is a loan later should the worse happen and you split up. State how much and when repayment should be made - don't let it be too abstract (like when she can afford it) - both sign it. If she isn't paying interest she shouldn't mind signing! Keep a record of any repayments.

gaving7095

I wouldn't charge interest but I also wouldn't lend the money.
I think Carl32 said it best - If she's going to pay interest, she should just get a loan from a "proper" provider...

Serendipitious

I'm surprised she even asked. A car is a major purchase and such a loan is a lot to ask of a boyfriend. I can't think of any former boyfriend or partner of mine who I would have asked for a loan. It is an unnecessary complication in any romantic relationship.

If she can't provide the initial funding without borrowing how is she planning to keep up with any repairs and maintenance and running costs on top of repayments? To say nothing of hefty insurance premiums.

I'd avoid money-lending completely. Otherwise the interest dilemma will probably turn out to be the least of your worries.

stmartinsdiver

onlyroz wrote: »

Unless this is a rock solid serious relationship, i.e. you are already at least living together, or engaged, then I wouldn't lend the money at all. And if you do decide to lend then be prepared to never get it back.

Spot on - I fully concur with this.

fatal1955

Only if you're planning to declare the interest on your income tax return :doh:

Maybe you could think about investing the sum with a P2P site and getting her to borrow from the same site?

happyinflorida

Are you being serious?

You really are considering charging your GIRLFRIEND interest on a loan?

Give your girlfriend this message from me

"Ditch this tightfisted meanie NOW"

You really need to learn what true love is, you will end up either alone or divorced if you carry on like this

meknowalot-51

happyinflorida wrote: »

Are you being serious?

You really are considering charging your GIRLFRIEND interest on a loan?

Give your girlfriend this message from me

"Ditch this tightfisted meanie NOW"

You really need to learn what true love is, you will end up either alone or divorced if you carry on like this

Or he will end up with someone who respects him for being sensible with money.As for your true love speech,who told you that?Father christmas.

awm49

Whether you charge her interest is less important as to whether you get the loan in writing. While I wish you both many happy years together should something happen you would want a written record.

bossymoo

Crikey I would never ask my boyfriend for a loan! Why wouldn't she just go to a bank?

Too messy for my liking!

Iguana

If you are going to lend the money draw up a loan agreement and if you need to seek advice she should pay for this. I would also charge interest.