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If you have loaned someone money, how long do you feel it is appropriate to wait before you expect to be paid back?
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M$4 Answers
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M$
When I have loaned money to a friend, we signed a contract specifying when it was to be paid back. It may sound harsh, but it was a lot of money, and we are still great friends. We even put in the contract that I was never to bring it up again, "Hey, I loan you money when you need it" to keep out trouble.
If you didn't specify, then I would suggest asking your friend how long he/she needs.
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M$
I say "somewhat" because you are trusting that the person will keep his/her word, and you don't have any legal recourse unless there are assets to go after once you have gone to court and gotten a judgment (which costs you more money even to go to Small Claims Court as well as more time involved plus a "hostile" person to try to collect from).
I know it is difficult to ask a relative or close friend to sign an "agreement", but if it is any substantial amount of money, it is worth it to you to try to protect yourself.
It is safest not to loan money to begin with.
personal feelings and working in a law office
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M$Also depends on if you have a contract with them, or a pre-existing agreement on when to receive the funds.
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M$
