I have .1btc to loan to anyone that needs it. If you are a hero member with trust you can get it with no collateral. Anyone below a hero member please have collateral. Its not much btc but I figured I would offer it for the hell of it. 10% interest. So I give you .1btc and you return .11 btc. If all goes well I will start doing .1-.5 one-two week btc loans. These loans aren't meant for huge purchases obviously. Perhaps for someone that is trying to boost their trust on bitcointalk or something. Who knows. Comment below if interested.
**This is a one week loan. BTC
**This is a one week loan. BTC
If you are charging 10% for a one week loan in the US or Canada it is considered Usury and is a federal offence. The legal limit for interest rate in Canada is 60% per annum. In the US it is regulated by state statutes and the allowable interests rates range from 8-36%. The federal regulation in the US sets the amount at twice the interest rate set by the state and makes it a felony offence. I'm not sure about the laws in other countries but there is no court in North America that will allow you to sue the borrower to recover the debt since the interest rate was illegal. The laws were enacted to protect citizens from debt slavery. Anyway if you were considering this as a possible business venture, you should probably stop before you get yourself into some serious legal trouble.
Take care
Quote
Shared federal-provincial jurisdiction over payday lenders has meant that they are essentially unregulated.(18) For example, the Criminal Code provision on usury (section 347) has not been used in a criminal context to curtail the activities of payday lenders, although several civil suits against payday lenders are currently under way.
Payday loans are not regulated in Canada, so that's why their average interest rates are 1,242% per annum. If OP lives in Canada and calls this a payday loan, it may be legal.
It isn't considered a payday loan if it is secured and OP was demanding collateral
Take care
