My married male friend wants me to get a personal bank loan so I can give him the money. I'm hesitant. Is this considered fraud?
- Common SenseLv 74 weeks ago
GIVE HIM THE MONEY? No, it is not fraud to take out a loan and GIVE the money away. That would be called "STUPIDITY" because you will be stuck with payments to repay the loan.
IF you intend to have the married person repay you for borrowed money, then put it in writting, including interest. Have an agreement signed by both of you, outlining a payment schedule.
Now, if you know his wife and are doing this behind her back, then you need to be prepared for her to find out somehow....possibly when you take him to small claims court for non-payment..
Good luck with that.
My dad always told me that unless I can afford to give money away, don't lend it to anyone.
- jamesLv 74 weeks ago
No not fraud as long as you let the lender know in writing what the money is to be used for. A personal loan to a friend. Good luck on getting the loan.
- 1 month ago
Tell him get one of his family members to do it.
- PAMELALv 71 month ago
You will never get the money back, so do not do it, you never co sign or sign for anyone else, let them get a loan in their name, if their credit is not good enough that is just tough.You never ever loan money to anyone, they never pay it back and if you ask them for it back you are the villain,if they cannot get the money themselves how the hell are they going to pay you back? you just never do it.If you lose a friend over this then they were not a good friend.
- How do you think about the answers? You can sign in to vote the answer.
- STEVEN FLv 71 month ago
It isn't fraud. It is INSANE.
Actually, it may be fraud. He is conning you.
- JudithLv 71 month ago
What's fraudulent about you getting a loan? But what wouldn't be very smart on your part would be giving him the money. The likelihood of your getting any of the money back from him is nil and there you would be - stuck with the debt. Nothing fraudulent about it. Your debt. YOU pay it. The bank could care less that you gave the money to someone else. Not their problem.
If he wants a loan, let him apply to the bank for one and let HIM owe the bank the money. And if the bank won't loan him the money - that should be telling you something.
NEVER loan anyone money for any reason unless you can afford to give it away. I don't care who is asking or for how much.
- Anonymous1 month ago
How would it be fraud if you apply for a loan? Whether or not he pays you back is another question.
Just so I have this straight, the bank doesn't trust him to pay back a loan, but you trust him?
- Beverly SLv 71 month ago
Getting a loan & giving your friend the money is not fraud. It would be your loan & you would be the one who would have to make the payments legally.
- ElaineLv 71 month ago
Fraud is not the issue. Is there some reason why your friend cannot get a personal loan himself? Do keep in mind that your name appears on the loan and you are the one responsible for making the payments to the bank. It is not a good idea to lend money to friends.
- FuhrLv 61 month ago
It's considered a horrible decision.