Good day law experts
I have a question regarding lending money to someone. So there this kid(student) at my workplace who needs a little bit of money to pay for college. She asked for $1200 and even agreed on $100 extra for repay ($1300). Even though I know she makes more than that amount in a month, I asked for collateral. She told me she has nothing of value but proposed to write a post dated cheque. I was wondering if this is a legal practice. I live in California and do not know if this is going to be headache or not. Could someone shine some light on the legality of this matter?
Cheers
I have a question regarding lending money to someone. So there this kid(student) at my workplace who needs a little bit of money to pay for college. She asked for $1200 and even agreed on $100 extra for repay ($1300). Even though I know she makes more than that amount in a month, I asked for collateral. She told me she has nothing of value but proposed to write a post dated cheque. I was wondering if this is a legal practice. I live in California and do not know if this is going to be headache or not. Could someone shine some light on the legality of this matter?
Cheers
Loan Agreements: Cheque As Collateral
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