What is the least interest you can charge in loaning money to a family member.?
Answers:
0% is the least you CAN charge, but I wouldn't recommend it. You just become their bank every time they need money. They get no credit score boost by borrowing from you. And you're actually losing money because that money isn't making any interest for you.
zero
A better question, "How much interest should you have in loaning money to a family member?"
Don't loan money to a family member or anybody, unless you intend to not get it back.
I wouldn't but if you really had to i would say 6%
Anything you like, including zero. Remember if you charge interest, that is income you must report on your tax return.
In any case, it's usually a BAD idea to lend money to family members - it almost always ends in tears.
That is a preposterous thought! I know someone that did that, and everyone absolutely despises her. Do not be shunned by your family for something so insignificant...
For the sake of the relationship never loan money to a family member or friend unless you don't want the money back. Not that they won't want to repay you, but what if they can't?
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