yet all the intrest is the borrower's to keep would you lend it?
2007-09-26 08:58:09 · 16 answers · asked by EDMOND B 1 in Business & Finance ➔ Personal Finance
Of course not. You can make a lot of money off that, why loan it at 0% interest. That would be amazingly stupid.
2007-09-26 09:03:57 · answer #1 · answered by Landlord 7 · 1⤊ 0⤋
I'm no expert but at todays savings rates of about 6%pa, one million should return about five grand, which may be subject to anything up to 40% tax, so as to give the borrower a profit of about three grand. Three grand is also the limit a person can give as a gift, anything more than that could become taxable.
2007-09-26 19:06:56 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No.
Lending money is a risk, and to justify that risk there must be reward.
Simply giving someone a million dollars to hold for a month then return it to you would be a terrible business decision.
If the idea was to just help someone out you would be better off paying them what they would of made on interest in a month out of your million dollars. You would still accrue some interest, and perhaps you could write off some or all of the money given away.
2007-09-26 17:35:31 · answer #3 · answered by delreyme 3 · 1⤊ 0⤋
Money is a very touchy subject, I'd not lend anyone that much if that is all I have, since I don't trust anyone with my money. ut if it's someone I do trust and they are in need for money, I'd just give them the interest or whatever they need and not to expect them to pay back (do not tell them that). If they do pay back, then good, if not you have already not expected the money. It's best to to boast about howmuch money you have because greed is human nature ...
2007-09-26 16:07:27 · answer #4 · answered by Mistie 3 · 0⤊ 0⤋
I would lend you a million anyday mate..
But i aint got it at the moment....
Can i borrow a million from you, then i will pay you back with a percentage of the interest i gain from it...
2007-09-26 16:12:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I wouldn't let it leave my control, but I would offer, if I knew the person or wanted to out of the goodness of my heart, give the person the amount of the interest it would have earned.
That way its a gift, and I wouldn't have to worry about the million, only the interest which I wouldn't be expecting back.
2007-09-26 16:37:27 · answer #6 · answered by justa 7 · 1⤊ 0⤋
Not knowing you I wouldn't lend it to you but talking with friends I have said I would lend it to them for the rest of their lives on the proviso that when they died, the money would revert back to my estate.
I would hope my Son would then do the same.
2007-09-26 16:15:52 · answer #7 · answered by Jinxy 3 · 0⤊ 0⤋
This would be the same as GIVING the earnings on $1,000,000 for one month to someone. Ignore the middleman. I would just give that amount an save the hassle.
2007-09-26 17:57:09 · answer #8 · answered by STEVEN F 7 · 1⤊ 0⤋
interesting question.
i know this is way more serious than your question, but there would be all sorts of tax effects from "lending money" for a month.
2007-09-26 16:05:59 · answer #9 · answered by nickipettis 7 · 0⤊ 0⤋
Takes money to make money. You could rather invest the 1mil dollars better, and then give out the extra profit you get instead.
2007-09-26 16:06:28 · answer #10 · answered by Nick T 3 · 0⤊ 0⤋