Loan to friend--help?

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A friend of mine is implementing a business idea that sounds like it would work if its done properly. he is a little short on cash to take it to the next step. he says if i give him 5K, if everything works out as planned he would give be 7.5K by the end of the year- if not I would just get my 5K back. it is obvious that he has bad credit or he wouldnt need me. I usually woundt consider this type of thing but a 50% return in 2 months does sound sweet.

If I do it I would draft up a loan letter detailing the deal and have him sign it and get it notorized.

If in the case he refuses to pay me how difficult would it be for me to receive my money back through the legal system if I have the deal in writing-signed and notorized.

would you do this deal? he is a friend of mine so I dont think he would intentionally screw me over but at the same time his FICO is in the toilet for a reason.

Loan to friend--help?

How long have you two been friends? How long have you known him all together? How close is he with his family and other friends? Why does he have such poor credit, and shouldn't he be worried about repairing that BEFORE digging himself into a deeper hole? Well in any case I don't know your friend, so it's hard to tell. All I can say is you should take extreme caution if you decide to lend the money to him. It wouldn't be the first time a con artist got his way, then moved out of town and changed his name...

Loan to friend--help?

No loan. Just say no to bad credit!

Loan to friend--help?

Unless you are willing to totally risk loosing this money with no hard feelings....FORGET IT!

You can't get blood from a turnip. If he has no money ...you aren't going to get it ...EVEN if you have a loan letter.

If a deal looks too good to be true....it is!

Loan to friend--help?

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