Description
Loan with interest – loan advanced by an individual – moneylending – banking and financial institutions.
- A loan advanced with a condition of paying interest thereon implies that the transaction was a business deal (p. 3).
- The only institution from which people borrow money or be repaid with interest are banks and financial institutions which meet the legal conditions (p. 3).
- A transaction through which a natural person advanced a loan to another person was held to be illegal since the lender did not advance the loan as a bank or a financial institution (p. 3).
