Should you Borrow Money From Friends? How to Decide in 5 Steps

Have you ever borrowed money from a friend? Sometimes it can feel necessary, but really awkward! For example, you need to eat but you forgot your wallet, or you see the perfect sweater on sale but you don’t get paid for another couple of days. Lucky for you, we’re here to help! EmpowHERto has put together five questions to consider before you borrow from your bestie. 

1. How close are the two of you, really?

Are you BFFs or do you only socialize between classes? Evaluate your friendship and then decide whether you share the kind of relationship where you can ask for something like money and your friend would be glad to lend it to you.

2. Will you remain friends if you don’t return their money on time?

First of all, always make sure to return the money you borrowed on time. Don’t take advantage of your friend’s generosity. But if it slips your mind to e-transfer them the $5 for Starbucks, will they freak out or politely remind you to pay them back? This is a sensitive point that can make or break your friendship, and it totally depends on what kind of relationship you have.

3.  Have you borrowed money from them in the past?

If so, were they generous in lending it? Or were they a bit scrooge-y? You don’t want to deal with someone who resents helping you out in a bind!

4. Are you a repeat borrower?

If you’ve asked to borrow money many times in the past, reevaluate why you are asking for more. How necessary is the item or service you want to purchase? Can you live without it until you have the money yourself? View your purchases through a responsible lens. 

5. Have you explored other options?

You don’t necessarily need to borrow from your friend and risk putting your relationship in jeopardy. Can you borrow from someone else, like your parents or a guardian? Perhaps it’s time to explore paid opportunities for yourself, like a part-time job. 

Have you ever borrowed money from a friend and later regretted it? Let us know in the comments. Also, check out more articles on money on the blog and follow us on social media @EmpowHERto.

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