Lending Money to a Friend in Need

If you lend money to a friend who has fallen on hard times, don't count on getting it back.

Millennial lending money to a friend.
(Image credit: Getty Images)

For better or worse, the COVID-19 pandemic has likely affected your finances. In a recent survey by the Associated Press–NORC Center for Public Affairs Research, 52% of Americans said they’ve been able to save more money than usual, pay down debt faster, or both. But many Americans haven’t been so lucky. Nearly half of survey respondents reported damage to their household income in the form of a layoff, reduced salary or a cut in hours. As long as the economy remains partially closed, millions of Americans will continue to face hard times.

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Ryan Ermey
Former Associate Editor, Kiplinger's Personal Finance

Ryan joined Kiplinger in the fall of 2013. He wrote and fact-checked stories that appeared in Kiplinger's Personal Finance magazine and on Kiplinger.com. He previously interned for the CBS Evening News investigative team and worked as a copy editor and features columnist at the GW Hatchet. He holds a BA in English and creative writing from George Washington University.