Hello everyone, I've a situation here and hope I can get the
correct answer. First I'm neither a licensed money lender nor
loanshark.
Long story short, a relative of mine (Life & Death
Situation) approached me couple of days ago to borrow a
considerable sum of money. I'll have to charge him interest for the
money because that money I loaned him could be invested into
elsewhere and brings back potential profits for me.
If I were to loan the money to him, under Singapore law, how
many % interest should I be charging him for a period of 1 year so
as not to violate the law or consider a loan shark?
If it's against the law to charge him interest which means I
will lose my potential profits as well as losing money due to
inflation, I'll not loan my money out even if he chooses to jump
off the building because I'm not running a charity
organization.
unless you're a registered as a money lender else it will be
considered as illegal if you're so concern abt law.
i suggest you keep your money cos the way i see you phased your
post, it seems to me you look at potential profits and inflation
much bigger than your relative jumping down a building, hence keep
it and bring in into that wooden box
