A friend of mine who I trust wants me to loan him $100 for 30 days how much should I charge him intreset on that? He has a shimp hut & fish resturant for 2 years now and needs people to invest in his place so he can get some extra things.
2007-11-22 14:41:27 · 6 answers · asked by Anonymous in Business & Finance ➔ Small Business
8% a year. A month would be (.08/12)x100
I would get it in writing. Just in case.
2007-11-22 14:48:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Well, if you charge him 12% annual interest, for amonth on $100 that would be $1. So interest rate really doesn't matter a lot on such a small amount.
The bigger question is whether it's a good idea to loan money anyway. If for whatever reason he can't or doesn't pay it back at the end of the month, are you willing to just write it off and consider the money a gift? Many friendships have been killed by loans of money.
2007-11-22 14:58:47 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Definately never lend money to friends. If you want to say to yourself that you are giving it to him, no strings attatched, and he decides to follow through by paying you back then so be it, that's a good way to look at it.
If he has no way of getting $100 quickly if he needs it I would be seriously concerned that maybe he doesn't have good credit. If he doesn't have good credit, there's a reason banks etc. won't lend him money, and it's a good thing to follow suit.
Like I said though, if you want to give him $100 then don't worry and don't charge any interest.
2007-11-22 15:10:08 · answer #3 · answered by average_american_superhero 3 · 0⤊ 0⤋
Money loans can cause problems between friends. How good is his credit overall? I am not saying that you shouldn't lend him the money, but don't get lured by his enthusiasm. If he doesn't pay you back, then what will happen to the friendship?
2007-11-23 03:01:24 · answer #4 · answered by Anonymous · 0⤊ 0⤋
short answer, definite, yet on your case probable no longer. you want a financiers license to grant shopper loans to the established public, and a actual resources license to safeguard land and houses. on condition that its a one time deal, basically make confident you've a written contract in position and is notarized. also search for the suitable varieties to take possession of the motorized vehicle, and desire he isn't any longer a jerk and crashes it. you want the license purely even as providing loans to the buyer public.
2016-10-24 22:42:51 · answer #5 · answered by Anonymous · 0⤊ 0⤋
if he is your friend not a thing
2007-11-22 14:51:31 · answer #6 · answered by prince 5 · 0⤊ 0⤋