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What is the difference between a gift and a loan?The main difference between a gift and a loan is the kind person who gifts you the money does not expect it to be repaid and therefore it is deemed as a gift. The giver could not ask for it back at a later date or have any grounds to take the issue to court in order for repayment. However, if the same giver stipulates the money given as a loan and the borrower pays back just one pound, the money can then be construed as a legitimate loan. Therefore the lender can demand to be paid back at any time. This is a common situation for small claims courts to deal with, often between family members and it is therefore essential that paperwork must be drawn up when dealing with loans between family and friends. |
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