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Is it legal to loan money to a family member and they offer the interest?
Wiki User
∙ 14y ago
Sure, but get everything in writing. Also, you cannot charge more than is legally allowed. Check with your local laws for loan interest amounts. Generally not more than 25-35% in interest.
my brother wanted to borrow money and offered interest too. I agreed and now my brother is saying I'm going to be arrested for loansharking? Please tell me will the police do anything about this.?
I don't have anything in writing but I have a witness, does this help my case?*
*If you take him to court and he agrees that he owes you, the judge will grant you a fair rate and the principal back. You can't collect usury rates of interest above what is legally charged, but you can get your principal amount back plus interest. Having a witness will help a little, but always get it in writing.
Wiki User
∙ 14y ago
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Is it legal to loan money without interest?
Sure.
Is it legal to send money from the UK to a family member in Syria What are the rules?
you can’t send money to Syria. Even if you have a loved one in Syria who needs money desperately, an international money transfer to a sanctioned country is illegal in the US.
What is a good definition of the noun interest?
The noun 'interest' is a word for a desire to know or learn; a right, title, or legal share of something; a charge for borrowed money or the profit made on invested capital. Example: "I have great interest in meeting the needs of my family"
What is the average return for a lender?
It all depends on the member/members who is/are borrowing the money. If a member does not pay back the money, that money is lost along with some of the interest you would be getting.
Is the family allotted money from a deceased account?
It depends. a. If the deceased individual has a legal will, the people mentioned in his will, will be given the money from his account b. If he does not have a legal will, then his legal heirs (spouse and/or children) will be given the money from his account c. If he does not have any spouse or children, then the remaining family members will be given the money
Is it legal to receive money from a deceased family member while in bankruptcy?
Yes, but the inheritance will become part of the BK estate, which means the money would have to be turned over to the trustee to pay off your creditors (i.e. you do not get to keep the inheritance).
Is money that you loan to someone taxable?
A loan from a family member is considered taxable income. The borrower can deduct a certain amount of the interest paid. The lender will have to pay taxes on any interest earned.
What is Best definition of interest?
The noun 'interest' is a word for a desire to know or learn; a right, title, or legal share of something; a charge for borrowed money or the profit made on invested capital.Example: "I have great interest in meeting the needs of my family"The verb 'interest' is to excite the curiosity or attention of someone or something.Example: "I have some books that should interestyou."
What is the best definition interest?
The noun 'interest' is a word for a desire to know or learn; a right, title, or legal share of something; a charge for borrowed money or the profit made on invested capital.Example: "I have great interest in meeting the needs of my family"The verb 'interest' is to excite the curiosity or attention of someone or something.Example: "I have some books that should interestyou."
What is the best definition of interest?
The noun 'interest' is a word for a desire to know or learn; a right, title, or legal share of something; a charge for borrowed money or the profit made on invested capital.Example: "I have great interest in meeting the needs of my family"The verb 'interest' is to excite the curiosity or attention of someone or something.Example: "I have some books that should interestyou."
Can you give money to a family member for property purchase?
yes it is okay too
What if i can't pay for college?
well i can ask parents for money or a family member.
