Quote:
Originally Posted by aurahiongka
of coz when lending need to have proper documents and sign the agreement, IOU letter or lawyer letter mah? people will surely pay up when documents are legal cos they afraid tio SUE or go courts case
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I lent a "friend" some money a few months ago. This "friend" has since MIAed on me.
So what if there's an IOU? The police doesn't care like funboi said. At most, they will summon the payment defaulter down to the station to take their statement. The defaulter can always say "I intend to pay but I have no money at this time", and the case is closed.
Sure, I can hire a lawyer to sue, or professional debt collector to knock on doors. But it would cost way more than the amount I lent. So what's the point of the IOU again?
Your "few people who is sincere in borrowing and willing to return on due dates" doesn't exactly strike me with confidence. Obviously anyone who needs money is "sincere in borrowing". How "sincere" they are in returning is the problem. If someone is desperate and has nothing to lose, do you think they would be "afraid tio sue"? Do you think they are afraid of the police?
Honestly, it sounds like you're trying to run an unlicensed moneylending business that is crowdfunded. There is no risk to you at all since the money doesn't come from your pocket. If your borrowers MIA, you don't lose anything. And if they follow the rules and pay back the principle + interest, you make a cut as the middle man. Looks like a win-win situation for you only.
Nobody with functioning brains would wanna risk their money just to help an internet stranger get rich.
Caveat emptor.