Post
Topic
Board Lending
Re: <<Thundercrypt loans>> Fast, cheap and easy to get!
by
xhomerx10
on 09/07/2016, 00:01:31 UTC

 Wow.  Is that a special member rate?  What do you charge non-members?
 Anyway, I fixed some minor errors for you but you have a bigger issue than grammar.  Usury laws in the USA are made at the state level and your interest rate is in violation of at least 50 of those states' limits.  Also, you probably need to register as a money-lender. Under section 347 of the criminal code of Canada, interest rates of greater than 60% per annum are criminal rates of interest.  The legal limits vary throughout the EU but your rate is a violation in every member country. 
 You should probably speak with an attorney before attempting to lend someone money to ensure you don't run afoul of these laws.
I am not trying to hone in here, but the information you are giving is 100% incorrect and this may encourage people from using Bitcoin which is not a good thing.  In the United States and Canada, Bitcoin is considered an asset, not a form of currency, so the charge of interest is not applied here.  Check the laws yourself, for I am not an attorney, but when I applied for my loan provider license, they denied it because bitcoin is considered an asset.  Just putting it out there.

 A charge, usually expressed as a percentage of principal, for use of that asset is called interest and is therefore subject to the same usury laws mentioned.  I'm not a lawyer either which is why I suggested OP consult one.  Perhaps you should consult one as well.