Anonymous
Anonymous asked in TravelUnited StatesChicago · 1 month ago

If I would want to lend someone 12000$ for 30 days how much could I charge for this? I live in Chicago.?

4 Answers

Relevance
  • John
    Lv 7
    1 month ago

    A legitimate person who needs to borrow $12K will walk into a bank. A not legitimate person borrowing that from you is going to walk away laughing at you and you'll never see them again.

  • 1 month ago

    The state usury limit is 9% annually. That would be .75% for one month. The most you can charge is $90.

  • 1 month ago

    1. You don't even know how to punctuate money, so I will assume you are poorly educated and have little money.

    2. Assuming you are ethical, you need to draw up a contract - unless you plan to break a late payer's kneecaps.

    3. You need to know the borrower's credit rating, your costs of capital and operation, and what loan companies charge.

    4. You need to file state and federal income tax forms to document these transactions.

  • Anonymous
    1 month ago

    You’re never gonna see it again. They never pay back. Never.

Still have questions? Get your answers by asking now.