I recently had a friend approach me asking if I could loan him $8,000 so he could buy a Rolex watch. I was a bit taken aback by the request, since I know for a fact that he doesn’t make a lot of money and I was unsure of how he planned to pay me back.
I told him that I needed some time to think about it, and he left it at that.
Since then, I have been giving this topic a lot of thought. On the one hand, I want to support my friend and I know that he has been wanting a Rolex for a while now. I also know that the watch is a symbol of status and that it would make him feel good about himself.
On the other hand, I am worried about how he would pay me back if he can’t afford it in the first place. I also don’t want to be taken advantage of, since I don’t want to be the one to pay for his watch.
After thinking it through, I decided to talk to my friend about it. I asked him how he planned to pay me back and he told me that he had some money saved up and he was hoping to use that.
I then asked him if he had considered other options, such as getting a loan from the bank. He said he had looked into it but the interest rates were too high and he didn’t want to be in debt for years.
I can understand where he is coming from and I know that he is a responsible person. I also don’t want to see him get into debt. After some more discussion, we came to the conclusion that I would loan him the money but he would have to come up with a plan to pay me back within a reasonable time frame.
I thought through the terms of the loan and I decided that I would give him one year to pay me back. If he was not able to pay me back within that time frame, then he would have to pay me back with interest as well. We also agreed that if he didn’t pay me back within the set time frame then I would take the Rolex back.
I know that I am taking a bit of a risk here, but I also know that my friend is a good person and he would never intentionally take advantage of me. I also know that he is going to be really happy when he gets his new Rolex and I am looking forward to seeing him wearing it.
At the end of the day, I decided to loan him the money and I am confident that he will pay me back. I know that it is important to be supportive of your friends and I believe that this is one way that I can do that. I also think that it is important to trust your friends and I am confident that my friend is going to do the right thing and pay me back in a timely manner.