Private Lending
Private Lending
Is private lending illegal? ?
Is private lending illegal? You take loan from an individual with an interest of 6% monthly and the collateral are properties you own like house and lot? Is 6%/5% a month cheap vs the bank? Have any experience with these before?
That's illegal in the UK. That rate is astronomical and illegal even from a legal financial company.
Don't do it!
They are called loan sharks for a reason. Even though you are not legally obliged to repay the loan - many of them have very unpleasant ways of "encouraging" payment - and they have your house.
Your mortgage company will not allow this either.
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Private Lending Secrets for Real Estate Investors - Private Money
Private Lending