Dvj Posted November 2, 2018 Group: Newbie Followers: 0 Topic Count: 1 Topics Per Day: 0.00 Content Count: 1 Content Per Day: 0.00 Reputation: 0 Days Won: 0 Joined: 11/02/2018 Status: Offline Share Posted November 2, 2018 (edited) Hi, I have an in law who has asked to borrow a sum of money. The in law is working full time and has capacity to repay. In order to lend the money, I will need to withdraw from my own mortgage account which effectively means I’m paying interest for the in laws loan. The interest amount in question is approximately $1500 to $2000. At the same time I am saving for a house and will need to borrow from the bank to have sufficient funds. My question is, is it right for me to charge her interest. It is family (in law) however it does not feel right I should be paying interest for the loan. I have already lent the money, and at the time it was agreed by both parties interest would be applied upon repayment. Should I charge or not charge? Edited November 2, 2018 by Dvj Link to comment Share on other sites More sharing options...
Willa Posted November 3, 2018 Group: Worthy Ministers Followers: 68 Topic Count: 186 Topics Per Day: 0.04 Content Count: 14,242 Content Per Day: 3.33 Reputation: 16,653 Days Won: 30 Joined: 08/14/2012 Status: Offline Share Posted November 3, 2018 I would not have lent the money in the first place if it meant I had to borrow and pay interest to obtain the money. But since you did, it is only right that they pay the interest as well. When I "loan" to family it is with the thought that I may not get it back. Even a partial repayment will do. So I don't keep accurate records of repayment and am satisfied that they make an effort. But they never ask unless it is an urgent and dire need. I never cosign for a loan. 2 Link to comment Share on other sites More sharing options...
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