Lmao this has the same energy as me learning about the concept of loaning money for interest at the same age and deciding to put it in action by lending my brother bells in Animal Crossing and deciding that he needed to pay me back twice what I had lent him, a fact that I only informed him of after I gave him the money. We had a big fight about it and our mom had to get involved. Good times lol.
I hadn’t learned about repayment periods or anything I just said he had to pay me back double, I didn’t think about interest rates or anything but yeah I definitely was a loan shark.
With fees capped at 14% and interest capped at 35% APR, a doubling could still be legal if they have 2 years to repay, especially with frequent compounding.
Not that children have the patience to wait 2 years for a return on their investment, though.
Lmao this has the same energy as me learning about the concept of loaning money for interest at the same age and deciding to put it in action by lending my brother bells in Animal Crossing and deciding that he needed to pay me back twice what I had lent him, a fact that I only informed him of after I gave him the money. We had a big fight about it and our mom had to get involved. Good times lol.
What was the loan period?
Sounds more like you were a loan shark.
I hadn’t learned about repayment periods or anything I just said he had to pay me back double, I didn’t think about interest rates or anything but yeah I definitely was a loan shark.
Well it’s good your mom was the judge, interest that high is criminal
https://www.canada.ca/en/financial-consumer-agency/corporate/transparency/briefing-packages-parliamentary-committee-appearances/standing-committee-finance-may-28-2024/criminal-interest-rate-predatory-bankng.html
With fees capped at 14% and interest capped at 35% APR, a doubling could still be legal if they have 2 years to repay, especially with frequent compounding.
Not that children have the patience to wait 2 years for a return on their investment, though.