Can i charge interest for personal loan to my friend?
407714
Sure you can. Make sure you draft a contract with interest rate and term of the loan. Also make sure you don't cross Usuary - that is the maximum interest you can charge.\n\nIf loan is LARGER then register it with county court clerk so that it stays on the record and incase of default/bank ruptcy you have first right then others.
900883
You are correct; \n\nIf you borrow ₤1500 at the interest of 14%\n\nYou will be paying back ₤1710 as the interest is ₤210 (value of 14% of ₤1,500)\n\nYou will be paying the Principal (₤1,500) plus the interest (₤210)\ngiving you a total of ₤1710.\n\nYou are not stupid, no one knows it all.
41623
just give your friend the benefit of the doubt coz he/she might just forgot and just let him/her remember that she/he still owes you that money.
1184293
Sorry to tell you this-nothing. Two over the limit fees can be charged. She was overdrawed in the beginning.\nSorry.
1012743
The interest rate you are charged varies by state. Some states have laws that restrict "gouging" or it's formal term - Usary. \n\nConsumer Advocacy Center (www.caclawyers.com) should be able to help you.
952302
if you are paying back 357,50 per calendar month you are paying 47190 in all which is 14690 interest. This is 45.2% over 11 years or 4.1090 per annum. Your interest on the first month is 110, second month 109 etc etc (I am leaving off the pennies.)\n\nIf you pay 2500 EXTRA ie 2867.50 on the 12 th month of every year your payments will finish on month 68 witn a payment of 232.34, having paid 3882.136 interest.
599089
You gently remind them. If they make an excuse to not pay you then and there, get them to commit to a date (I'll have it all for you next Friday) or a payment plan (I'll pay you $10 every Monday). \n\nIf your 'friend' still evadess his/her responsibility, just banish this person from your life. $100 or so is CHEAP to get a person like this out of your life forever and ever.\n\nNext time you loan a friend money, get something for collateral. That way, if there is some reason your friend can't pay you back, you can sell the item and get your money that way. So no matter what happens, the two of you can still be friends. If your friend both intends to repay you and values your friendship, your friend will readily see the wisom of this plan.\n\nWhen you loan money to a friend without getting collateral, you often lose both your money and your friend.
425182
i will not consider this till my pocket allows. I will like to give him/her the best, i can. \n\nThe money can be earned again and again, but friends can't be. Whether they are there for you, otherwise not. No other option.
694103
Depending on the circumstances, (very specific ones) yes. If you are a professional in the finance or banking world it is without a doubt taxable. Further, if it were requested that you find this investor and did so at your friends behest, then that makes you a professional and therefore it is taxable. \n\nThe las is very uncertain in these circumstances for obvious reasons. How can the IRS tell the difference between a gift or loan from a friend, and a finder fee? That being said, if there is a "recombundant pattern" then it will eventually be considered a wage or regular payment. All in all, there is a lot of grey area here...I would suggest speaking with your particular CPA if you have one prepare your taxes, or go over the software your use to determine your exact tax liability.
442313
Probably not, unless you get a personal loan from a family member or friend
290200
I had been placed in a similar situation before...I did not take my (former) friend to court...\n\nWhen I loan an amount to a friend, I prepare myself to accept the eventuality of not getting paid. It will really hurt a lot if you will expect something to be paid and it will not come at all...\n\nBut let it serve as a lesson for future decisions. Anyway, you said that "it was only 500 bucks"...\n\nSince the amount is not much, don't let it devastate you...\nI am sure that any small misfortune that you may have experienced will be easily replaced by having a positive attitude.
637299
Dear Lender,\n\nI would like to request a ________ month/year loan for $X, the purpose of which is to ___________________. For collateral, which will have a value of at least 125% of the loan, I am prepared to grant a security interest in the following property:\n\nThis loan will be repaid from _____________________.  I look forward to discussions with you regarding this request.
728999
You can maybe have a friend agree to call you to make sure you do what you've committed to. And if you don't then you have to pay that friend for everytime you back out. I know this sounds a bit silly but it just may work. Kinda like a curse jar. (you know, people who have a problem with cursing have to put money in a jar everytime they do it) except, agree to pay your friend a fixed amount if you don't committ to a particular goal.  You'll probably end up sticking to those goals if the thought of losing your money annoys you enough.
1061516
In charges and interest, you will pay about $60 per month, without even repaying the loan itself.  The monthly charge and interest would equal an actual interest rate of about 64%.\n\nFederal and state laws prohibit these ridiculously high interest rates; however, you've found a company that gets around it by charging a monthly fee.\n\nIt is an absurd deal.  A loan shark has more conscience than to charge you this kind of rate.
1098728
The statute of limitations has run on that debt.  What you can do is contact the person and make them promise to pay anyway, and then another year will run from the subsequent promise.  You must sue before a year's time. Get your friend to agree to pay you back the money owed plus interest and fees.  Even is he/she makes a fake promise just to get you off their back, the courts will uphold.
468630
A) be sure they knew it was a loan. They might not be aware of it.\n\nB) Talk it over with your friend, in a "Hey, money is getting kind of tight for me right now, how are things for you guys? Would it be possible for you to say, start floating me 50 bucks a paycheck or something? It would really help me out."\n\nC) Remember, there is no way to not sound like a jerk. Because that depends entirely on what kind of people they are. Also, a good rule of thumb when loaning out money, is to never actually expect to see it again. Try, yeah. But don't be surprised when it never appears again.
947986
Do you have any documentation of the loan?  Was there an agreed timetable for repayment?  If you have a promisory note or an IOU, then you can try to put a lean on his houses and cars.\n\nHowever that will definitely kill the friendship. If you value your friendship, just explain that you really need the money and if he could just pay a portion of it each month ($500 minimum and $1000 maximum/ per month)  then you will be happy.  If your friend begins to slack off, gently remind him that you did him a huge favor and he should pay you back.  Be understanding if there is an emergency that disrupts the payment schedule.