Always inquire what your prospective borrower needs the money for. If he/she has lost their job then surely you will not get repaid until they find employment again. What if they are unemployed and need money to make their mortgage or rent payment, electric or gas bill, or car loan payment? All of those are very good reasons to loan money. How do you say no to someone asking for money for one of those purposes? It would be downright impossible to say no especially if this person has gone through their savings, IRA, childrens college fund or 401k. If you can stand to lose the money, then by all means, give it to them. I did not say loan it to them because you know more than likely you will never see the money again. Just give it to them. If you do not have the money, the decision is easy, its an emphatic no.
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Whether your prospective borrower is employed or not, ask for collateral of equal value or an outright sale of items such as a flat panel TV, a second car, a computer, tools, exercise equipment, furniture, appliances, etc. Maybe this person can provide daycare for your children to equal the amount of the loan. Do not be embarrassed to suggest selling the above items and more on eBay or Craigs list immediately. If he/she does not know how to, you help them. If neither of you know how to sell items online, go online and research how to. They can go through their garage, attic or basement and if it is spring, summer or fall, they can have a yard sale. Do whatever you can to help, short of loaning the money.
You will sleep really well at night knowing you did not have to get involved in a money transaction and that you did everything you can to help out. This person will be grateful that you were there for them. If they oppose your suggestions, kindly tell them, this is the only way that you can help.
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