CHICAGO (WLS) -- You may want to think twice before lending money to family or friends.
According to a new report from BankRate.com, nearly 50% of Americans lost money by lending or cosigning a loan for family or friends.
Many people said their relationships were negatively affected by the decision. So, you may want to rethink loaning money at all.
If you so want to help someone in need, do it as a gift. Consider setting aside a smaller amount that you can afford to give away, but don't expect to get your money back.
For more information, check out Bankrate's money lending survey here: https://www.bankrate.com/credit-cards/lending-money-survey-2019/.
Why you should exercise caution before lending money to family, friends