would you do this?
ask your friend for a loan with nominal interest for the baseball season. i have enough collaterial in my saving account to cover the loan if i lost everything, but i feel this is easier because he is not using his entire bankroll all the time so he is making a little side profit from the interest. plus moving money around cost more than the interest that'll be paying him, so this seems like a win win situation for both of us. if i am up at the end of the season, he'll cut me a check. if i am down, i'll cut him a check.
-
-
At the right rate I would borrow infinite sums of money.Comment -
No. Maybe he wants that money in the wings. Deposits are a hassle. Sh1t could go south for him, need reserves.Comment -
At the end u will lose ur friend ... money is a touchy subject ... and if you really care about ur friend ... I would back away from the deal.Comment -
"In the wings" means in reserve, pico. And no, I would never loan anyone money for gambling.Comment -
I don't borrow $ for gambling period. Nor do I lend $ to others for gambling purposes. Its a bad practice. Once you're been burned by someone who you trusted you'll understand this way of thinking.
If you need funds to gamble go out and work! Then save some of it and use that bankroll.Comment -
I know i should not say this cause one of you might do it but here goes. Do you have good credit? Hell i get those credit cards applications every day with zero interest for 12 months. I was screwing around (on the phone) with a broad from one of those cards and she told me they would wire a certain amount to my bank account for 1.9 interest for 12 months. I figured she meant a cash advance which has crushing interest rates. She says no. I said sure send me 10 grand at this wonderful rate. The key is paying it off in that 12 month period or what i find better is to just get another one of those credit applications in the mail and transfer it to a zero interest card so you don't have to pay for even the 1.9 percent interest the first company made you pay. Now you do that but you have to read the fine print because their is usually a balance transfer fee which isn't much because most have a min and max fee. LIke in the area of 5 dollars min to 75 dollars max. Some have no max so they are worthless. Hell 9 months down the road transfer it again. Fuk these credit card companies cause they rob most people. I play them against one another but you have to be smart about it. You can't have a Citi card and then try to tranfer funds to another Citi card. Its kinda like buying something at Best By with 12 interest free months and then on month 11 past it on to a different card. Oh and it doesn't hurt to win some bets to pay this shit off. I bet JJ knows what im talking about.Comment -
let me clarify this situation a little bit. i have a cd that i am thinking about cashing in to deposit, but my friend has some extra cash laying around that he is going to put it in the books anyways. the interest from the cd is how much i am willing to pay him for the interest loan. so it is same for me minus the fee for moving around.
he is loading up his account to bet on couple of things he wants to bet, so i have to make sure i don't bet anything on anything those couple of days...which is no problem for me. he knows i have the money in my bank account to cover the loan plus more, and i don't want to go through the hassle of deposit and withdraw.Comment -
I couldn't agree more...I have seen many a friendships lost over money and if you care about your friend you wouldn't do this. It just makes everything wierd if he wants the money back and has to ask, or if he wants to say no but feels uncomfortable saying no because you are a friend. If you have the money in savings, use that and you should not ask a real friend for money unless it is an emergency.Comment -
It doesn't sound like you're really describing a loan as much as the use of his account balance. If his funds are already there and he's not using them, no reason for you both to be exposed.
I think it's okay as long as there is complete understanding of the terms. Don't wing it. Write everything down, including contingencies for getting screwed by the book.Comment
