Is it legal to charge my friend interest if I lend him money.

A few weeks ago, I and some of my colleagues discussing about lending money interest. Then a colleague showed this post to us. Here an article posted about lending money. At the end of that postmotorcycle accident attorney https://legalfav.com/ link, I found. Here I saw a website that has a lot of knowledge about legal terms.

Not a legal professional, but if you googled that question, there seems to be available legal advice available indicating it is not illegal to charge interest on any loans for friends or family, so long as you’re not running a money lending business. You just need to have guts to dispute Section 3 of the Moneylenders Act that you’re not a money lender. The same article also advised to seek free legal advice from one of nine legal clinics if you need to seek legal recourse to collect on that debt.

You do still need to have an IOU or any contract stipulating the loan amount. From the sound of it, I assume you’re only thinking of charging interest as an after thought. He will need to agree to that and that seems unlikely since he’s already taking time to return that loan amount.

Even with an IOU you will still need to take legal action within a stipulated period. You should really check out Singapore Legal Advice and approach one of the free legal clinics.