A family member wants me to get a loan for them for £10,000 Please help?
Well the family member I currently live with has allowed me to live in her house without paying rent which has been a nice thing for her to do.
Even though I have a good credit rating I have never had to loan this amount of money before, and I am unsure due to currently being unemployed wether I will be able to get one anyway. I did have very good savings and have a good relationship with my bank.
However I went a bit off the rails and went through the money I had like it was water, so giving her this money is not an option for me anymore.
The thing that bothers me is if I can get a loan, wether I should go ahead and do it, if she fails to pay the loan back then I will be left high and dry and will lose my good credit rating, I also have reservations about lending money and not seeing a single penny yet being responsible for paying it back.
She will only be paying it back monthly over say three years, I worry about how it will affect my future and say me getting another loan should I need to open a business.
What would you do, please help me.
- 9 years agoFavorite Answer
nope! family or not, no they have bad credit for a reason.... just say you tried and you don't have enough good credit for them to do it for you .
- 9 years ago
I think because you live with the family member your at a loss, because if you say you can't do it, could this result in you being homeless? I think because you live there it has a hold on you, such as they've done you a favor now you do them one. I think being family they shouldnt put you in the situation you are in but I think they also wouldn't put you at a loss with the loan and would pay it back as family help family.
If they are close family and you can trust them then go for it, it will be a great thank you for letting you stay with them :)
- 9 years ago
no dont do it