Korean Job Discussion Forums

[toby99]

What are your thoughts? Have any experience with this? A drinking buddy of mine (in other words, he's someone I regularly see 2-3 times a month out at the bars) asked me for 200,000 won a day or two ago. Now, I have no reason to think he won't pay me back so I think I will do it, but this is the fourth or fifth different expat to have asked me for money over the past year.

I'm not talking about spotting someone 20K for a few beers or 10K for a pack of smokes and some ramyeon (well, at least not usually - see my story below), rather it is always 100K, 200K, and sometimes more than that. The most I loaned someone was 400K. The reasons? Always that they are coming up short on a bill.

I have been paid back in full each time, although in some cases I have to hound them over several months to collect.

One time, however, an expat asked me for 20K; he had no money and needed to live off ramyeon, egg, and boiled water for a week so he could make it till payday. His plan was to split each ramyeon block in half along with half a hard boiled egg; he'd eat one half at breakfast and the other at dinner, and buy kimbap for snacks and eat lunch at school. I gave him 40K.

I'm getting sick of playing loan officer, but it's always hard to turn someone down, particularly when you have never been burned. On the other hand, I'm making the same ESL salary as most others, so I'm not made of money.

How you react when an expat asks you for a loan? Is this even a common thing? Why does it seem like so many of my peers are always out of cash? Is it that hard to budget?

[plchron]

tell them no. I hate giving my money to people, even as a loan. Say it is one of your pet peeves, that you could still be friends, but that you have been tricked before and then make up some story involving thailand and the past.

[sirius black]

Generally speaking its not a good idea. If this is a guy who you don't hang out with and only see a few times a month then its a huge red flag. I can understand a best friend you have history with but someone you don't see regularly and when you do see him it seems its by chance? No. This guy has family. This guy has friends that are closer to him than you but he asks you? No way.

Also, if these other people who ask you for money know each other, you're a soft touch.

We all get into binds. We all have a 'rough' month but there are a number of people I'll ask before some guy outside my close circle of friends. Its also a signficant amount of money in comparison to what the average teacher makes. Almost 10%.

Make up an excuse if you have to. You are buying a plane ticket, whatever (although you really shouldn't have to). I've loaned and regretted it a few times.

Its NOT a good habit get into. Also, anyone who has to borrow regularly needs to grow up. One time due to some unforseen emergency is one thing. Regularly shows immaturity about how to take care of themselves. We're adults. Don't help prolong their lack of maturity.

[ajosshi]

^^^
+1

Help a person if they need to eat (gift), but don't loan money. These things ususally don't end well.

[northway]

I've loaned out over a grand to coworkers this year without issue, as new arrivals to my school generally have a forty day wait until their first payday. The distinction being, however, that they're coworkers and I see them every day; I wouldn't loan that much to a drinking buddy, even if I did see him somewhat regularly.

[detonate]

Only if they're close friends, regardless of if they're an expat or not...

[The Floating World]

I find most esl friends to be 'good eggs' when it comes to this issue.

I wouldn't lend over 50k to a mere acquaintence, but to a co-worker who seemed pretty together or a friend, no problemo.

Have loaned and been loaned sums over the years ranginf from 50k - 1mil and never had a problem being paid back.

There was one guy though who was a poker buddy and we didn;t socialise outside of that.

Regularly leant him sums up to 500k when he blew his whole salary and couldn't make loan payments etc.

I asked him once after having loaned and been repayed by him several times sums up to 500k - for a two week loan of 250k and knew he had a few mil in the bank and it was like getting blood out of a stone.

Very souring experience.

But yeah, on the whole if the loanee has a stable job or a stable prospect lined up and is in a bind, I'll at least loan them enough to get by till payday.

[furtakk]

i don't understand how someone who has been in the country for more than a couple of months can be hurting for money. your bills consist of utilities, cellphone and internet (for most of the esl population). how the **** do you end up 200-400K short.

[coralreefer_1]

[Swampfox10mm]

I've loaned between 50,000 and 200,000 to a friend several times. He paid me back next check.

I trust him, though.

[northway]

[YTMND]

If it is just 20,000 I don't even worry about paybacks. Last year, I took one friend out (he was a student, no salary) and paid for his meals and gave him money here and there for expenses until his dad sent him money. When his dad did, he went out and spent it on a new mobile phone, an ipod, and went partying. Two weeks later, guess what? He was asking for money again. This time, I only offered to pay for meals and let him use my laptop to talk with his girlfriend back home. A week later, I noticed that when I paid for lunch I only paid for one person. The restaurant was Muslim and I didn't question it because he could only eat halal prepared food. I guess the restaurant was giving him a break due to his religion but charging me. He spent class time using my laptop instead of studying. So, that was the final straw and I refused to let him use it unless he went to classes. However, this didn't stop him. He borrowed a friend's laptop and continued his ways. That's not the funny part. He couldn't pay for his mobile phone calls, so his friend called me to talk to him in order to get his laptop back too. I turned my phone off and talked to him about it. He was pissed at me for not talking to his buddy about the laptop he was avoiding to give back.

You can probably arrive at 100 different morals to this story. Stick around your buddies to see how they spend their money, and then decide how much you will lend them. Be willing to end a friendship if they get too controlling while trying to make ends meet. People don't like the feeling of having to change their lifestyle due to money constraints.

[pkang0202]

[madoka]

[Vix]

Don't loan anyone anything except a book that you wouldn't read again anyway