Many interpreted this as the beginning of a process of economic relaxation of “socialism of the 21st century.” But in early 2021, the banking regulator (Sudeban) banned the country`s bankers from lending dollars to their customers without prior authorization from this institution and the Central Bank of Venezuela (BCV). The fact is that loans are made and banks use them to transfer the foreign currency money that their customers have deposited there. And that they continue to deposit in dollars on Venezuelan territory as part of the daily operation. You can lend your savings to family, friends and acquaintances of interest, just like a bank. The moment you do that, you assume the risk of not returning the money, but in return, you get a return, which means that in addition to what you borrowed, you have extra money. Of course, the limit to this profitability is the rate of wear. In addition, this type of technology allows you to choose the type of person you want to use with your money, which gives you some peace of mind. No. Lending money will never be illegal. However, there are certain guidelines that each person must follow in order to carry out this business activity without any problems with the law.
Among them: Each person must use his own capital to carry out the transactions and not the money of his clients or third parties. Also, you should only lend money if the customer meets the basic requirements and proves that they are able to meet the loan payments. There are many companies that grant huge lines of credit to their customers. In fact, some department stores sell a good part of their products “to the Trust” or in several installments. No one tells them anything because it`s their money and if they lose it, they won`t influence people other than themselves. “I do what I want with my money” is a phrase that applies to many contexts and lending with your money is one of them. In Colombia, it is legal for anyone to give a loan to others. There are only two conditions: that he is not a usurer and that the money he lends belongs to him. One of the ways a lender is “protected” by paying you the borrowed money is through tools such as invoices or promissory notes. Therefore, if you are in default of payment of the loan and you want to make the claim that shows these respective supports, you can only receive legal interest. The second condition is that the money belongs to you and here the risk is called illegal recruitment. You can lend or trust as much as you want, as long as you don`t put other people`s money to work.
It is easy that in more than a moment, it has happened to us that one of our loved ones asks us to help him finance it. And it is also©quite normal that, apart from ethical, moral©considerations or the analysis of the creditworthiness of the person and the sustainability of credit©, we are paralyzed because we do not know how to shape this process. Therefore, today we will explain how to lend money to a friend or relative. Pyramids, for example, are considered illegal recruitment. Persons who promote, set up or participate in these systems may be fined and assets confiscated. Do not lend money if there are irregularities in the transaction or if you are dealing with someone with a negative credit history. Don`t borrow money to cheat or get the most out of the business. Remember that you can be reported.
The investment processes are usually quite simple and entirely online for the convenience of the person giving the money. We are talking about a© pawnshop. The scheme is simple. We will not lend him the money, we will lend him a bank, on the agreed terms. To ensure that these are as tight as possible, the potential lender who does not deposit a deposit of the same©amount as collateral for the loan©sets out. The bank recovers the loan like any other, and in case it is not paid, it can execute the guarantee by canceling the remaining loan©©against the deposit. In this context, the financial supervisory authority certifies the maximum legal interest rate every three months. Basically, the company measures how banks and conventional credit institutions grant loans and multiplies it by 1.5: This is how you get usurious interest. First of all, you become an investment partner of the financial platform to which you decide to deliver your money. Prepaid debit card. If your credit is loaded onto one of these cards, other charges may apply. There may be a fee to deposit money into the card, a fee to check your balance or customer service, a fee on each use of the card and/or a regular monthly fee.
To lend money safely, also seek advice from lawyers experienced in the field. Certainly, among other things, they will advise you to standardize the issuance of a money loan contract between individuals. This reduces the risk of being scammed because you have a guarantee with which you can justify a complaint. Government surveillance skyrockets when money is taken from some people to lend to others. This is what a bank does, and to become one, you need huge amounts of capital and approvals from the authorities. If you are not a bank and get caught lending money to other people, problems will come. Some lenders choose to issue documents such as promissory notes or bills of exchange. They set the terms of the negotiations and both parties undertake to honour their obligations. This cash register number is what is charged for something borrowed, usually money, in a given period of time. When you make a loan, the person who accepts the contract must pay for what you borrowed. Thus, when accumulating several contracts, profits are made according to the agreed interest, and this becomes lucrative for the lender. Typically, payday loans charge a percentage or amount of money for every $100 borrowed.
If your case is that you need money, the recommendation is that you first turn to people you trust, such as family, friends or recognized and regulated financial institutions to access a loan. The reactivation of bank loans would be excellent news all over the world, as it has the potential to trigger an increase in domestic production, especially after bolivar financing has virtually disappeared after the introduction of minimum reserves (Ecoanalítica estimates that it has decreased by 90%). But in Venezuela, the banks do not even market these loans in dollars, they prefer that the issue goes under the carpet. The job of banks is very simple: raise and lend money. And their profitability depends on what they charge for the money management services they protect and for the interest and commissions they receive from their funding. By circulating deposits in the economy held by banks through bank financing, a multiplier effect of money is achieved in order to stimulate productive activity. If you`re looking for money, someone you know might say, “I know this man who lends money and doesn`t ask for documents… That person who “borrows money” could be a friend of a friend, someone who has a relationship with someone in their family, or they are even in the neighborhood places where they make money transfers to their country or cash checks. These people and agencies are known in our countries under different terms: lender, shark, usurer, chulquero, etc.
Whatever their name, the truth is that there are several disadvantages to borrowing money from a lender: in general, it is better to avoid taking out loans of this type at all costs. If you need money for your business or for an emergency and don`t have access to a bank loan, try taking out your loans with Accion, a nonprofit organization that provides business and personal loans and falls under the three major credit bureaus. These platforms bid for a percentage of interest that generates periodic profits while the debt is active. The value generated by the debt, i.e. part of the interest, is returned to the investor, with the exception of the money he has borrowed. There are also crowdlending sites where several people get together to lend money to someone who normally needs cash to start a business. For example: Finally, your money is insured by the funds that the financial company must recover the borrowed money. We should not be surprised. The Barter Agreement 20 was the one that gave the legal basis for dollar deposits used to finance imports with preferential, cadivi and related dollars. In addition, much of the dollars that Venezuela`s public sector is currently displacing, despite international sanctions and declining oil exports, goes through its accounts at the state bank.
As for the size of the loan portfolio, which is expressed in bolivars in account statements by legal mandate, but here we deal in dollars to facilitate analysis, the data is also shocking. It is convenient to borrow money when all the basic laws are fulfilled to ensure a positive experience for everyone involved. That is, these six banks control 85.80% of foreign currency deposits with free convertibility, which are used to lend. Many Hispanics living here in the United States struggle to access credit for a bank. Refinancing.