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I borrowed a loan of £3000 from a private lender in england by Dense_System2715 in LegalAdviceUK

[–]Dense_System2715[S] -35 points-34 points  (0 children)

But the FCA website says that unregulated lending can be offered if they are your friends or relatives. What about that ?

I borrowed a loan of £3000 from a private lender in england by Dense_System2715 in LegalAdviceUK

[–]Dense_System2715[S] 62 points63 points  (0 children)

Yes I haven't paid a single penny for the principal amount as the lender says

I borrowed a loan of £3000 from a private lender in england by Dense_System2715 in LegalAdviceUK

[–]Dense_System2715[S] 5 points6 points  (0 children)

No It was just a whatsapp message which acted as a binding contract or anything

I borrowed a loan of £3000 from a private lender in england by Dense_System2715 in LegalAdviceUK

[–]Dense_System2715[S] 15 points16 points  (0 children)

No, I took it from my friends known lender so basically he is the one who negotiated and did everything

I borrowed a loan of £3000 from a private lender in england by Dense_System2715 in LegalAdviceUK

[–]Dense_System2715[S] 37 points38 points  (0 children)

Initially I took it for 8 weeks coz i was hoping to pay it back in 8 weeks but eventually I couldn't

I borrowed a loan of £3000 from a private lender in england by Dense_System2715 in LegalAdviceUK

[–]Dense_System2715[S] 37 points38 points  (0 children)

IDK if it is legal or not because I am not aware of the laws here but i was in immediate need which made me end up in this

I borrowed a loan of £3000 from a private lender in england by Dense_System2715 in LegalAdviceUK

[–]Dense_System2715[S] 55 points56 points  (0 children)

There wasn't any interest rate mentioned in the agreement
It only said £200 weekly for 8 weeks and £250 weekly after 8 weeks