I started doing that a couple of years ago.
My niece and her new husband made took out an unwise loan at 10.5% for a car (they’re young and they know better now). I refinanced it for them at 5%. They don’t know it, but they’ll get all of the interest back from me when the debt is paid off.
Another nephew was just married and both he and his wife were laid off a couple of months later. He’s got a young baby now. He has a job but it doesn’t pay much and he’s always looking for better. I “loaned” them a little to get them through. I’m never going to collect that “loan” and never expected to.
What is money for if not for that kind of thing?
yup... i do the same thing. although i do expect repayment, as i see it as a form of getting them back on their feet. there is never any interest, and the length of the loan depends on the situation. the repayment ‘schedule’ would never be too much for them to manage. it’s just the fact that it is not charity.
i see it as people have pride, especially men, and to give them charity does not help them. getting them use to a monthly payment schedule using a friendly and forgiving loan, helps get them back to normalcy.