Quote:
Originally Posted by Barry-xlovecam
It depends on the Term of the Loan -- 10 or 20 years normal.
For a year as example; It is at very least usury if an unlicensed lender, and in respect to any regulated loan -- deemed unconscionable and forfeit in most courts.
However, it is a relatively small amount to risk so offer a % of the profit as a joint venture. If there is no profit to be made don't take the money. |
In canada criminal usury is 60% a year, except for loans 1500$ and under (payday loans are regulated by each province, legal in some, illegal in others, takes a liscence everywhere).
HOWEVER, the jurisprudence for civil cases is 35% maximum.