My brother needs a $700 loan, but his repayment date depends on a job he hasn't started. What should I say?
Family“I'll give it back after my first pay. You don't need to make it formal,” my brother said.
His car repair quote is $900. He has $200 and has asked me for the remaining $700 so he can get to a new job. He has an offer, but the employer has not confirmed his start date. I believe he intends to repay me.
The money would come from savings my partner and I set aside for an annual household bill due next month. We could send it today; we couldn't comfortably leave that bill uncovered if his first pay arrived late. My brother thinks asking about dates means I suspect he is lying. I think he is using “first pay” as a date neither of us actually knows.
I offered to talk through a smaller amount once my partner and I had checked our budget. He said, “A smaller amount doesn't fix the car.” He's right about that. It also doesn't create money I can promise safely.
I haven't agreed or transferred anything. How do I explain the limit without making him defend his character? If we do find an amount we can offer, what should we settle before calling it a loan?