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When Kelly McCain learned that her best friend of 22 years owed money to a former girlfriend, she didn't hesitate to transfer $10,000 to her friend from a high-yield savings account that was reserved for emergencies.

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Without a written contract that outlines the loan amount, the potential interest rate, the terms of repayment and what happens if it is not repaid, the money could legally be considered a gift, said Jackie Combs, a lawyer in Los Angeles.

“Whether or not your friends are in a high-trust relationship, including a partnership, it is still important to have legal agreements in place that protect your interests,” she said.

It is also important for people who are married to tell a spouse about lending to friends, Ms. Combs said, especially if the money comes from a shared account or could affect household finances.

To read the full article, please click&nbsp;<a href="https://www.nytimes.com/2026/05/23/business/loans-money-friends.html">here</a> (subscription required).

“When Your Lender ls Also Your Best Friend,” by Kami Rieck, was published in&nbsp;<a href="https://www.nytimes.com/2026/05/23/business/loans-money-friends.html">The New York Times</a>&nbsp;on May 23, 2026.

When Your Lender ls Also Your Best Friend

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When Your Lender ls Also Your Best Friend

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