{"id":2864,"date":"2020-12-15T16:17:00","date_gmt":"2020-12-15T16:17:00","guid":{"rendered":"http:\/\/www.preteurimmobilierprive.ca\/?p=2864"},"modified":"2020-12-15T16:17:00","modified_gmt":"2020-12-15T16:17:00","slug":"is-private-lending-legal-or-illegal","status":"publish","type":"post","link":"https:\/\/www.preteurimmobilierprive.ca\/en\/is-private-lending-legal-or-illegal\/","title":{"rendered":"Is Private Lending Legal or Illegal?"},"content":{"rendered":"<p>The private loan is a completely legal loan solution. Whether for a home loan or a consumer loan, the practice of private lending must respect certain laws and regulations to be legal.<\/p>\n<h2>Differentiate the private mortgage loan from the private consumer loan<\/h2>\n<h3>The private mortgage or real estate loan<\/h3>\n<p>A private mortgage is a loan obtained from a private lender, which can be an individual or a business. The private lender takes the property you buy as collateral. This means that in the event of default, the private lender will take the financed property that was as collateral. For a private mortgage, you only pay interest monthly. The capital is to be repaid on resale or refinancing of the property. This is called the private mortgage exit strategy.<\/p>\n<h3>Private consumer loan<\/h3>\n<p>The private consumer loan is a personal loan guaranteed or not that is granted by an individual or a company that is not a bank or a financial institution. The interest rate of a consumer loan is framed by the Law and may not exceed 60% including the administrative fees and interest payable.<\/p>\n<p>The private real estate or mortgage loan is completely legal. It is not supervised by the Office de la protection du consommateur du Qu\u00e9bec, nor by the Autorit\u00e9 des march\u00e9s financiers du Qu\u00e9bec. However, it is important to check your lender. For example, does he have judgments against him? Criminal history? Do you have references from satisfied customers? This will prevent you from unpleasant surprises!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The private loan is a completely legal loan solution. Whether  &#8230;<\/p>\n","protected":false},"author":2,"featured_media":2877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":["post-2864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.preteurimmobilierprive.ca\/en\/wp-json\/wp\/v2\/posts\/2864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.preteurimmobilierprive.ca\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.preteurimmobilierprive.ca\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.preteurimmobilierprive.ca\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.preteurimmobilierprive.ca\/en\/wp-json\/wp\/v2\/comments?post=2864"}],"version-history":[{"count":0,"href":"https:\/\/www.preteurimmobilierprive.ca\/en\/wp-json\/wp\/v2\/posts\/2864\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.preteurimmobilierprive.ca\/en\/wp-json\/wp\/v2\/media\/2877"}],"wp:attachment":[{"href":"https:\/\/www.preteurimmobilierprive.ca\/en\/wp-json\/wp\/v2\/media?parent=2864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.preteurimmobilierprive.ca\/en\/wp-json\/wp\/v2\/categories?post=2864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.preteurimmobilierprive.ca\/en\/wp-json\/wp\/v2\/tags?post=2864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}