Legal Question in Credit and Debt Law in Guyana

If I borrow 1.5million form a licensed money lender and without any security deposit, is it legal for him to charge me 10% interest per week


Asked on 7/11/15, 2:34 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

12.07.2015

Dear Sir / Madam,

Yes, it is legal. The interest rate is directly related to the risk involved. If you find the deal unreasonable, you should look for another lender.

Regards,

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Answered on 7/11/15, 11:04 pm


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