Should I get a signed letter/contract for lending £3k to a colleague?

AmberDepp

If they want to borrow £3k then they can go to any high street lender and borrow it.

If they won't lend them the £3k, what does that say?

lopsyfa

[Deleted User] said:

You could find a template on the internet. It needn't be complicated - amount, repayments and term.

But two things to bear in mind. Unless you're prepared to enforce the agreement legally, it's worth nothing, And if your colleague has no money, he still won't pay you.

You say  you can't afford to risk it, so the best advice is DO NOT LEND IT. Because otherwise, you're risking it - and the risk is pretty high. If they can't get a loan from anywhere else than someone at work, there's a reason for that.

I second this - you stand to lose much more. It can end the friendship and give you bad reputation when it turned sour. Better to give them an amount you can afford instead.

Brie

I wonder what will happen if this person stops paying you after a couple of months, you continue to work with them and you hear they get a payrise or bonus.  Frankly I don't think I'd be able to stop being openly rude to them at work.  Which will not be a good thing for you.  

But if you must then definitely get it all in writing.  Get one of your managers to witness it maybe? Of course that may not keep the payments from stopping but at least your anger about it will be understood.

powerful_Rogue

What do they need the £3000 for?