Is friendly loan legal in Singapore?
i have a friend that wants to borrow $30,000 for 2 weeks. In return, he will return me $32,000 ($2,000 for gratitude). Is this legal contained by Singapore?
Best Answer:
Any loan is legal if done according to the statutes of the Government of Singapore.
Any loan is legal if it is not against morals just like a defensible interest.
Technically, no financial institute supposed to loan someone with the interest highest than 24% per annual. But, since you already said it's a friendly loan, thus this is not cover under the statute.
It isn't illegal. But say goodbye to your money.
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