Paypal Questions

[BeeBoop]

Someone I know needs a 1k loan. He's expecting money within 15 days but his money is tied up for the 15 days. So he needs 1k to get him through the next two weeks. I want to make a payment to him through paypal since paypal allows me to make a claim up to 45 days if anything goes wrong. What should I list the transaction as? Can I call it a loan?

 

[olds]

Is he Nigerian? If so, use Western Union.

 

[lxskllr]

If you can't trust him to pay you back, don't loan the money. If you really want to do it, have him sell you an ebook. I think actual purchases give more protection than gifts. There will be a small amount of money lost in transaction fees.

 

[BeeBoop]

lol @ Nigerian.


I agree with you Skllr. I wasn't going to send or gift it as a friend. I was going to send it as a payment for a service. Just wondering what I should call it incase I need to make a claim.

 

[bbhaag]

Don't ever loan money to friends or family with the expectation of getting paid back because most of the time you won't.

Is this a drug deal you're doing over the internet? It kinda sounds like one.

 

[lxskllr]

I'd do the ebook. He can title it "How to Make $1,000 Selling Ebooks" :^D

 

[BeeBoop]

lol @ Drug deal and book name.

I was thinking of calling the transaction "bathroom remodeling" or something like that.

 

[Rakehellion]

Yeah, just give him 100 bucks and send him on his way.

If he's a friend, is the relationship worth losing over $1000? If a casual acquaintance, charge interest.

 

[EliteRetard]

My friends and family owe me tens of thousands, literally. I make $15k, best ever year was probably $25k. They make $40k to $60k (up to $100k married).

For some reason I keep throwing my money away. I just "loaned" another $2k or so to my sister for first/last/deposit so she could move again and go to school for like the 4th or 5th degree.

 

[pcgeek11]

The correct answer is NO, or draw a contract for repayment and have it signed and witnessed. If you don't want to go that route, just give him the money.

 

[SOFTengCOMPelec]

Someone I know needs a 1k loan. He's expecting money within 15 days but his money is tied up for the 15 days. So he needs 1k to get him through the next two weeks. I want to make a payment to him through paypal since paypal allows me to make a claim up to 45 days if anything goes wrong. What should I list the transaction as? Can I call it a loan?

I would strongly recommend that you DON'T lend them any money.

If you did/do, it is likely that you will be very unhappy with the results.
Either you never get paid back, any or the full amount, and or, next time they need/want more money, they keep on running back to you for more.

Sooner or later, it is likely to go Pear shaped (badly).

If you want examples, try watching Judge Judy.

The fact that you have made this thread, and your apparent distrust of this person(s), seems to indicate to me, that you should NOT do this.

There is no way, paypal would have refunded you for this anyway, as far as I am aware. Because people who know each other, could be trying to scam paypal out of their money.

Finally, the fact that you know so little about paypal, probably means that you lack the life experience to realize that this would be a big mistake.
If you have already got the life experience, then maybe you are too willing to loan unsuitable people money.

It's best to NEVER loan out any money. Leave it to the banks to sort out.

 

[s0me0nesmind1]

Totally agree with everyone. Don't loan friends money.

I had a friend coming to me asking for money. I gave him 30 bucks because he sounded like he was in a bind. He came back to me a week or two later. I was hoping he was coming to return the money. Nope, asking for more. I just ignored it because I'm not a cash cow, nor do I want to contribute to someones problem (if thats the case).

 

[leilah]

Yeah. It's difficult when it involves money matter, don't expect to get it back if you're loaning to a friend or family relatives cause most often than not, it would cause conflict especially if the receiving end does not want to take responsibility for it..

 

[edro]

If you send as a Friends and Family gift, there are no buyer protections, but no fees.

If you send as a Goods and Services payment, there are 3% (2.9% + $0.30) service fees, but you can open a claim and get your money back.

 

[Tweak155]

In general, people who need loans are bad with money (can't say this is always the case). Don't expect to be paid back as everyone else has said.

I have one friend who I loan money to semi frequently, but they have always paid me back... other friends that didn't. The ratio is very low to getting your money back.

 

[SunnyD]

There are these places called "Banks". They have this service calls "Loans". Tell your friend he should look into them.

 

[BeeBoop]

I knew you guys wouldn't approve!!! That's why I left as little detail as possible. lol I read the fine print on paypal and it said that the item must be tangible. Going to send payment as a Goods and Services like edro said for something worth in that range.

 

[WilliamM2]

I knew you guys wouldn't approve!!! That's why I left as little detail as possible. lol I read the fine print on paypal and it said that the item must be tangible. Going to send payment as a Goods and Services like edro said for something worth in that range.

You still won't have any protection. Do you think PayPal just hands the money back? They make you prove your claim.

It would be fraud as well.

 

[esquared]

You still won't have any protection. Do you think PayPal just hands the money back? They make you prove your claim.

It would be fraud as well.

This thread has become a borderline fraud issue and further discussion of it is now stopped.