Houston Credit Repair expert Vanessa Perry explains the risk of loaning money to a friend with alternative solutions to help with succeed in the latest episode of Ask Impeccable
Do Not Loan What You Will Miss
A “loan” is designed to be paid back with interest. However, when you loan money to a friend it is informal. There is no guarantee you will receive the money back. If you do not have the spare money to loan to others simply do not loan it out. Chances are the person may not be able to pay you back on your timeline. If it is going to put you in a tight situation you should not put yourself in the negative to help someone else. It is a chain reaction. If you simply tell them no that you can not spare the extra cost they will understand. If you are able to be without the money and live comfortably then you can make the decision on if you want to “loan” the money or not.
You Can Help with Information
You can always instead of loaning out the money provide the person with information. Resources such as jobs that are hiring or tips on how to efficiently save money for the future. If they need money for essentials such as food, water, shelter consider offering them a meal or groceries. This compliments as a nice gesture and can be a temporary solution. Always remember if you give someone money you never know where it will go and have no control of how it is being spent. More than likely you probably will not see the money again. If they are needing help paying bills or they are trying to pay off collections suggest a credit restoration company such as Impeccable Credit Services.
Houston Credit Repair
Credit repair is the aftermath of hardship. At Impeccable Credit Services we help put the pieces together to restore your credit after the damage is done. Our goal is to educate our clients about credit while they are in our program. With over sixteen years of experience and two physical locations we pride ourselves on customer satisfaction, We personalize a plan for each individual client in order to achieve their goals.