Lending money to people, especially to family and friends, can have unintended consequences. In most cases, getting the money back from them will either have effect on the friendship or the bond between the two parties especially when one is unwilling to honor their part of the deal.
In most cases, people tend to add a lot of interests to money being borrowed from them just as licensed financial institutions does. Some of the interests added are very outrageous, but the lender prefers using that as an opportunity to make a profit.
It is at the back of these issues that a Nigerian lawyer named Stella Justice has taken to her social media to caution lenders who lend money to people, being it strangers, family, or friends, and add interest to the money they lend to them.
According to Stella Justice, it is illegal for anyone to add interest to money they lend to people, especially when they individual is not licensed by the authority or hasn’t received a permit from the government or the organization in charge to operate in that capacity.
She described the action as illegal, hence the lender can be sued by whoever he or she lends the money to and the law will see to it that the money owed to them will not be refunded since their operation is unwarranted.
She wrote; PLEASE NOTE: You DON’T have the RIGHT to LEND SOMEONE MONEY and ADD INTEREST to it when you are NOT LICENCED. if ANYONE WHO is NOT LICENCED Lends you M0NEY and ADD INTEREST to it, pls feel FREE to SUE THEM and you will NOT PAY the M0NEY back AGAIN. Thus, the TRANSACTION is ILLEGAL, UNENFORCEABLE and the MONEY IRRECONCILABLE.
See the post below:
Source: www.Gistfella.com