My Cousin Just Asked Me For $500?

My cousin who I've recently got in touch with after almost a year is currently married with 2 small kids and has a 2 story house, 4 bedrooms, and 2 baths.
And he asked me if he could borrow $500 dollars and that he would pay me back. He didn't go into any explanation why he needed it. He got laid off from Delta Airlines and currently works for Con Freight.
I told my mom what he asked me for her opinion. She says that he and his family are high maintenance people. I'm not sure if he asked his parents and his sister (a surgical nurse) for a loan. They are well off people. Maybe he's ashamed or something?
I only live in a small 2 bedroom 2 bath apartment. My family and I makes enough to get by. We are not rich people. We like to live simple.
Do you think giving money to relatives can be detrimental to your relationship with them?
Anybody had the same experience as me? Tell me your experiences.

The problem with loaning people money is sometimes it puts us in a wedge. If you don't lend them they might resent you. If you loan them they might not pay back.

So loan them if you feel ok to part with it and expect it not to be paid back. Or you can loan them a smaller amount which you're willing to part and tell them that is the best you can do.

Rule of thumb, only lend out what you don't want/need returned. That way, if it doesn't come back, you aren't hurting emotionally or financially.

Only lend him the money if you are prepared to loose it.

If he really needs it, he'll sign a document that states he'll pay it back within the time frame you specify. This will be enforceable in small claims court if he doesn't follow through. If he refuses to do that, then he doesn't really need the money and you shouldn't feel bad for turning him down.

I have an older brother who, for some reason, can't keep his s*** together when it comes to his finances and always tries to borrow from me and my two older sisters even though he has a good paying job. In the past, I lent him money and he never paid any of it back so the last time he asked for more money from me, I just had to put my foot down and tell him NO.
I did not go after the money he owed me because nothing was in writing.

My only advice would be...should u decide to lend him money, put it in writing and have him sign it if you want him to pay u back.

I use to lend money. But no one ever asked me for that much.
I got fed up at one point and told the last asker that I 'wasn't an ATM machine'.

Sounds like your cousin is living beyond his means.
He could downsize a bit.

But I agree, if you lend money, don't expect to get it back. That way, you won't miss it, and it'll be a nice surprise if you do.
Money is the cause of many a bad relationship.

The good thing is that he's still working.
(**)

Tell your cousin you can't afford not to have it even if it's only for a week. But if you had the money you would lend it to him.

I personally don't like loaning money to friends or family. I think it strains the relationship.
If you do 'loan' any money, only do it if you can afford it -- and think of it as a gift. Don't expect to get it back.
I have seen my mother and her siblings 'borrow' money from their father -- and it caused strain between the siblings and each of the siblings comparing how much was borrowed by the other.
I have also seen friends loan money, with the promise of pay back. There was a large strain because of issues such as when would it be paid back, they still didn't have a job and didn't seem to be making attempts yadda yadda yadda
It makes me look stingy... but you know what, if the person isn't going to talk to me if I don't loan money -- there wasn't a relationship there in the first place.
No one has had any problems with me saying that unfortunately I was unable to help out. (I have always just declined nicely)