The most prevalent answer by financial advisers is that a person should never loan money to a relative or a friend. I have made loans to both family members and close friends, however I did it with no expectations of having it repaid. It really is a personal decision, with several things to consider, such as the needs or the person asking for the loan, their ability to pay it back, should you get the terms of repayment in writing, and so forth. Also you might want to consider if you can afford to make the loan and the possibility you might "lose" your money? And then there is the not so small issue of what could happen to the relationship if the person does not repay you?
No, anyone with money can lend money. However, banks follow a proven process before lending money, that includes verifying income, checking credit ratings, requiring signatures on powerful contracts and so forth. Banks have established a best practices process for lowering their risk of loss and elevating their chances of making money in interest on money they lend.
Credit unions may be more willing to lend money to those with bad credit. Also consider peer to peer lending options and family and friends that might be more willing to lend you money than financial institutions. Finally, some institutions may consider lending you money if you offer something of value as collateral.
* It is not a good idea to lend money to friends if you want to remain friends. If you feel you should give money then it should be given without strings attached and if you can't afford to do that then please don't lend the money. Friends don't forget that you have loaned them money and it appears your friend is not prepared to pay their debt to you so feel free to be blunt and ask them to please pay the money back they owe you. * A gentle reminder of the circumstances should remind them of why they owe you money; hopefully they will get the hint that you want the money returned. If they don't, you can probably just ask for the money (when they have had enough time to think about it and have had one or two easy reminders).
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