A workmate asks you if they can borrow some money from you (let’s say a week’s wages) from you until payday. They claim they will pay you back straight away. You do have the money they ask in your savings account, but you have been carefully putting a little money away for a long time in case of “a rainy day”.
WHAT WOULD YOU DO?
My reality is that I was raised in poverty. There was no money to spare. My mom often worked 2 or 3 jobs to keep food on the table. She was a proud woman. As I began married life I was in the same situation. I was never able to lend money, but sometimes had to borrow funds. I was mortified by needing to borrow money. I never neglected to promptly pay back whatever I borrowed.
There have been a few times that someone needed to borrow money from me later in my life. I would lend money if I felt the need was real. I would not lend money to a friend or family member if I knew them not repaying would hurt our relationship.
I remember “loaning” money to a family member long ago, knowing in advance that they would never pay it back. At that time, I felt the need they had was more important than my recovering the funds. Another time I wanted to gift some money to another family member in need. The recipient wanted it to be a loan. I agreed because they wouldn’t take the needed money otherwise. When they repaid me by check, I just tore up the repayment check.
I have gifted family/friends needed money with the caveat that it is a gift and not a loan. I usually write those exact words in the memo section of a check.
I cannot see a reason to lend a coworker a large sum of money. Luckily, I have never been in a situation where someone needed a large sum of money.
I worked hard for my money and I usually paid myself before spending frivolously. I try to remember to never loan money I can’t afford to not be repaid.