Apr 102010
 

These tips on how to loan money to your boyfriend will help you support him financially without regretting it. Financial loans are one way to show your love – but you need to protect yourself!

Before the tips, a quip:

“Be careful about lending a friend money. It may damage his memory.” ~ unknown.

Memory hiccups are normal in everyday life, and practically guaranteed when it comes to financial loan agreements and repayments! It doesn’t matter if you’ve been lovers for three months or three years; you need to take certain precautions when lending money.





If you and your partner aren’t on the same page about money and love, read Financial Intimacy: How to Create a Healthy Relationship with Your Money and Your Mate.

And, check out these five tips for loaning money to someone you love…

Are You Loaning Your Boyfriend Money? How to Protect Yourself

These five tips for lending money to lovers will help you both remember the terms of your financial loan without wrecking your love relationship.

Ask why your boyfriend or girlfriend needs the money

Before make a financial loan, find out what the money is for. This may help you decide whether or not you should lend the money. Only lend money for vital reasons: paying the rent, buying food, paying bills, taking care of children’s needs. Never loan money for plastic surgery, vacations, or other luxuries. If you don’t agree with the reason your partner needs the money, find other ways to support him or her.

If you fight about money, read 4 Tips for Talking Finances.

Be “mean” – and draw up a contract

Even thinking about a contract or signed agreement raises questions about trust and love relationships — but you have to get your financial agreement in writing if you’re lending money to your boyfriend or girlfriend. A moment of discomfort while you and your partner agree on the loan terms and signs the contract is much better than not remembering how much money you loaned to your friends or family members later! You don’t want to get stuck with debt later on.

Relationship Help

Do you regret the break up? Get Your Ex Back

Want to stop the separation or divorce? Save Your Marriage

Wondering how to make a man fall in love with you? Captivate Him So He'll Never Want to Leave

NEVER loan money if your boyfriend and you struggle with these signs of a bad relationship.

Put everything in the financial agreement or contract

Even if you’re convinced that you can attract financial abundance even if your partner never pays you back, you need to do everything you can to ensure your money returns to you.  This tip for loaning money to someone you love involves being very specific:

  • How much money you’re loaning
  • Whether you’ll be repaid in full or with a payment plan
  • The dates of the loan repayment or payment schedule
  • What will happen if your partner doesn’t pay the loan on time
  • What – if anything – you’ll take in lieu of payment (a car, housekeeping or renovation services, etc)

Remember: email and text messages are legally binding contracts

You can loan money to your partner even if he or she is in a different country; you don’t need their signature on the loan agreement. Make sure you describe the terms of the loan in your email or text message – and make double sure that they respond with an email or text message agreeing to the loan terms.

Get a witness to sign your contract

If you have a contract signed by both parties, you don’t need a witness…but it can’t hurt! If you should have to sue your lover in court for the loan repayment (and it happens all the time!), a witness can be valuable in helping you win your case.

If you’re worried about financially helping your lover, read When It’s Not Smart to Lend Money to Someone You’re Close To.




If you have any thoughts about lending your boyfriend money, please comment below…

laurie pawlik kienlenI'm Laurie Pawlik-Kienlen - bookworm, travel bug, flute player, writer, blogger, warrior princess. :-) My husband and I live in Vancouver, Canada with our cat and dogs.

Are you happy? My Grade 10 Social Studies teacher always asked me that. And I am happy, despite a hard childhood (schizophrenic mom, no dad, foster homes), infertility, an eating disorder, and a chronic illness. The source of my peace and joy is God; I'm a Christian. Where do you find peace?

I welcome your big and little comments below, about big or little things. I can't give you advice, but writing can give you clarity and insight.

In peace and passion...Laurie

  7 Responses to “Are You Loaning Your Boyfriend Money? How to Protect Yourself”

  1. I wish you luck, Joy, as you loan your boyfriend $24,000. GET IT IN WRITING, and keep track of the payments he makes.

  2. I trust my bf so much that i didn’t hesitate to lend him $24,000. I will get a good timing so we can have written agreement about the loan. Wish me luck.

  3. I don’t think it’s smart to lend boyfriends money, even if you have written agreements in place. I’ve been watching Judge Marilyn Milian for too long – I see girlfriends lose money every day!

  4. I am out $20,000 because I have nothing in writing, My now ex boyfriend told me he would repay me and only made one payment of $1000. I was in love with him at the time and it was so he could live in a condo he didnt qualify for the mortgage and I helped him out and then he got fired and had no job. Years later he is working at a very good job and I emailed him to see if he would pay me and he said I would have to wait he has to pay the taxman first. Seriously never ever lend a boyfriend money without a legally binding agreement or better yet dont lend any friend money ever.

  5. A written agreement has nothing to do with trust issues! A written agreement is the smartest thing you’ll ever do if you lend money to your boyfriend or girlfriend. You can trust someone all you want, but you need to have the details of the loan written down.

    Why?

    Because you forget stuff, he forgets stuff. Why trust a faulty memory when you can jot it down and forget about it?

    Also, write down all loan payments, and keep a record of them somewhere safe.

  6. I think that if u have to create a written aggreement to lend money to your girlfriend or boyfriend then u have trust issues. Have a look at your relationship. I give my girlfriend money when she is skint and I dont expect it back because I love her and she would do the same for me. If u have written out a aggreement for the money then rip it up and put your trust in your partner. If you cant why are you together?

  7. Even though I wrote this article about lending money to your boyfriend or girlfriend, I really don’t think it’s a great idea. I think it causes more problems than it solves, and can even lead to a breakup.

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