RESPONSIBILITY OF THE LENDER AND BORROWER
Between family and friends, there may be occasion for one to borrow an item from the other. It is time to visit proper protocol for being a responsible borrower and lender. If you find yourself in a situation where you ask to borrow an item, it is your responsibility to treat the item as if you own it. You should accept responsibility for the general maintenance of it. If you are in a position to lend an item to a trusted friend or family member, consider the reason you are loaning it: is it simply to help the other person, or does it benefit you for them to borrow it? Consider before the transaction, that many relationships are strained or even broken from lending and borrowing.
If I borrow your lawn mower because mine is old and has quit and I cannot afford another presently, I should evaluate if there is another way I can afford to have my lawn mowed. Do I have another mower that can do the job? Can I pay a third party to keep it mowed? If I decide I need to borrow yours, then I am responsible for keeping oil and gas in it. I am responsible for keeping the blades sharpened and the belts in good working condition. The bottom line is that I am responsible for returning it in the same working condition, or better, than it was in when I borrowed it.
If you loan me your mower for a time, and I offer to mow your lawn to help you in return for the use of it, if it breaks down while in my possession, then we should split the cost of repairs. An example is that if I borrow your riding mower and have performed normal maintenance and the starter quits, the lender should offer to split the cost of repairs, because nothing I did caused the part to break.
If I borrow your vehicle because I cannot afford the repairs on mine, the premise is the same. If I borrow yours for a time, I am responsible for oil changes, tire replacement, current inspections, etc. If it benefits you for me to be mobile, then you should offer to split the cost of normal wear and tear.
An example would be if I am using your vehicle to run errands for you so you can work or spend your time in another way.
Keep in mind, that if you borrow an item, you are responsible for returning it in the same condition it was in when you borrowed it, if not in better condition.
If you loan an item to anyone, it is your responsible to decide if the person who is borrowing from you is responsible enough to take care of it and return it. If you believe the person asking to borrow is not a responsible borrower, do not lend anything to him. If you believe he is responsible, but a situation arises to where he is unable to care for the item, do not hold him responsible, but forgive the debt.
If you cannot forgive the debt of the borrower if he cannot repair it, do not loan it in the first place. An example is that I borrowed your mower and it broke down but I had no money for the repairs because I was struggling financially to buy food or to pay for my utilities.
Every situation should be weighed on it's own merits. It is better not to borrow or loan. If you can loan, consider that your item may not be returned. If that will not affect your daily living, then generosity is always good. If you must borrow, consider that you may have to replace the item with a new one. If you would have difficulty doing this, it is better not to borrow. Consider an alternative way to accomplish what must be done without borrowing.
Then there is money. The borrower should be on a budget prior to borrowing. The lender should consider that he may never see that money again. The transaction should be documented. The borrower should devise a repayment plan and put it in writing. Both parties should have a copy. The lender should never lend money that he needs. People lose their jobs, people die. The money may be forever lost.
Never co-sign a loan for a debt that you cannot repay.
And if you are married, the husband and the wife must agree to the loan.
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