Why do you help the needy with the food and water?

The organisation is helping deprived children get a chance at a fulfilling childhood by providing them quality learning opportunities, access to healthcare, protection from abuse and harm and relief and rehabilitation during disasters and emergencies.

Can you write off bad loans?

Generally, to deduct a bad debt, you must have previously included the amount in your income or loaned out your cash. If you lend money to a relative or friend with the understanding the relative or friend may not repay it, you must consider it as a gift and not as a loan, and you may not deduct it as a bad debt.

What is an illegal interest rate?

In most circumstances, a non-exempt lender is restricted to collecting ten percent (10%) per year on a loan, even if the borrower begs and pleads to pay a higher rate of interest. …

Can my parents lend me money to buy a house?

Getting a loan from your parents to buy a house It may be that you can’t, or simply don’t want, to gift your child money to help them buy a house. Another option is to lend them the money. Just be aware that a loan would need to be declared to a mortgage lender if one is involved in the purchase.

Can I write off a loan to a family member?

You can take a tax deduction for a nonbusiness bad debt if: The money you gave your nephew was intended as a loan, not a gift. You must have actually loaned cash to your nephew.

Is usury a crime?

The Basic Law: In California, usury is the charging of interest in excess of that allowed by law. Since there are exceptions, and the penalties for violating usury laws are severe, individuals making loans for which there are interest charges should contact an attorney for further guidance.

What does God say about helping the needy?

Proverbs 14:31 (NIV) “He who oppresses the poor shows contempt for their Maker, but whoever is kind to the needy honors God.”

Is loaning money with interest illegal?

Legality. No state or federal law makes it illegal to lend money. While there are many laws that apply to institutional lenders and other businesses that loan money or provide loans or credit, you have the right to lend other people money as you wish. You can, for example, lend your sibling money to buy a new car.

Should we give money to beggars?

With more people suffering from homelessness, the general public may feel they wish to give cash to those sleeping rough. But London-based homeless charity Thames Reach said handing over money to beggars “can have fatal consequences”. “Giving to people who beg is not a benign act. It can have fatal consequences.”

What is the highest legal interest rate?

8% per year

How high can credit card interest rates go?

Credit card interest rates are so high, averaging 17.87% for all new offers, because credit cards are unsecured and have no set timeframe for full repayment. Credit cards are riskier than other borrowing methods as a result, and issuers need to charge higher interest rates to compensate.