Sometimes the line between a gift and a loan can be blurred. Sometimes the giver has one idea and the giftee has a different one.
There’s a good way to know whether the item is a gift or a loan. Want to know what they are, keep reading.
What is a gift?
A gift is simply something given to someone because you think they’ll appreciate it, and you don’t expect any repayment.
For instance, if you give your mother a necklace simply because you think she’ll adore it, that’s a gift.
What is a loan?
A loan is something completely different. A loan (or lend) is giving something to someone for them to use for a specific time.
Here’s an example. Your friend needs clothes for an interview. You loan her a blouse and a pair of dress pants to wear. You make it clear that you expect these items back after the interview. When she returns them afterward, that’s a loan.
How to loan
Now, when you’re loaning something out, always let the person know that you expect the item back. If you don’t do that, the person may mistake the item for a gift and keep it.
The takeaway
A gift and a loan are two different things. A gift is something that you give freely; without needing to return it. A loan is the opposite. It is something that is given out temporary, but will be returned.
The idea of getting something back is the crux of whether something is a loan or a gift. If you loan something to someone, make sure you let them know it is a loan and you want it back on a specific date. By doing this, there will not be any confusion.
Just saying.
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