Most people lend money with good intentions, such as helping a friend or family member with a dire financial need. Even though the gesture can be kind and bail the borrower from their financial trouble, it can cause financial problems to the lender and potentially damage the relationship between the two.
Especially in this the harsh economic conditions, lending money becomes a hard decision for many to make. Speaking about the subject of lending money, The Fatboy Show presenter Olive Najjuma said she would rather lend out money to a friend than a relative.
“Relatives can take you for granted, they feel entitled to people’s money. If a friend has a business and needs the money to clear goods, I’ll easily lend them because I know they will pay. A relative will ask to be lent money and you will have to chase them around to get your money back and when you do, you become the terrible relative,” she said.
She continued that if someone needs a debt she gives out an amount less than the borrower asked for so that they need and ask them to top rather than lend them.
On the contrary, James Onen, commonly known as Fatboy said he does not lend but gives.
“If you come to me to borrow 50k, I’d just give it to you. I think it makes more sense if the borrower is a friend or relative or someone you wouldn’t want to ruin a relationship with, which is likely to happen if you lend them money of a substantial amount,” Fatboy said.
Alternatively, a caller on the show named Peace opined that it's crucial to understand one’s financial integrity before lending them money. She believed that some people will take advantage of someone who gives them money and keep going back.
“If I have to lend someone money, I should know them well enough, their financial integrity and discipline. How do they spend their money? If they have no financial discipline, I can't lend them money,” she said.
The Fatboy show is hosted by James Onen aka Fatboy, Olive, and Sarah every weekday from 6 am to 10 am on RX Radio.