Personal Loan

[Montauk_Project]

What about asking for a garantia? Can he give you a car, a computer, flat screen etc until he pays you back? That seems fair--even if the loan is worth more, it is a good way to reinforce you are giving him cash until he can pay you back, not a gift.
This is common in Argentina--even if you rent an apartment you have to give the title of another apartment.

 

[Iznogud]

Since dealing in USD is currently legally "verbotten", you will be setting yourself up for a royal PITA if it doen't work out.
The IOU document will be worthless in Court or you'll be looking, at best, at whatever official rate is ongoing by the time you unfuck yourself.

Plus, AFIP might want to take a closer look at your friend's and your income.

You state you already have a Pagaré...If he's really your friend, don't ask for an interest rate and be happy if he pays you back in one year.

 

[Travelbug0601]

My friend has income from US were he is going to go for some months,San Francisco,he is Argie and has a good business plan.He
is very committed,hard working and determined to make his business a success.We have a "pagare" which is used for a guarantee
and life is a gamble but was just wondering about taking 10% as the interest rate.I have known him several years.Thanks for your advice,appreciated.

10k won't last long in San Francisco where the average price for an apartment is over $2,700 per month.

http://www.sfgate.com/realestate/article/S-F-apartment-market-is-hot-4237719.php

 

[Crema Americana]

Pagares do not guarantee anything - especially if the economy tanks or there's a major shift in the value of the peso. Ideally yes, you should be able to get your money back, but from my experience pagares don't hold up well and court battles tend to be long and drawn out. They have a time limit, so all he has to do is drag it out long enough so that the pagare is basically worthless and the debt is for the most part forgiven. You have to realize that you're the one taking the risk.

Most business ventures fail no matter how determined or hard working one may be... especially if it's in a foreign country. That said, if you really believe in him and the business plan, then best of luck to you and hopefully everything turns out okay.

 

[mrporoto]

Good points but suppose everything in life is a gamble,just had 500 bucks removed from my belongings were I rented a room!!!
He has a friend in SF to stay with for free-ish.Thanks for the comments.

 

[Rich One]

Good points but suppose everything in life is a gamble,just had 500 bucks removed from my belongings were I rented a room!!!
He has a friend in SF to stay with for free-ish.Thanks for the comments.

Proves you are a trusting person, leaving cash in a rented room sorry about your loss... Forget about the loan.

 

[sesamosinsal]

Proves you are a trusting person, leaving cash in a rented room sorry about your loss... Forget about the loan.

Heh! Um, where else is he going to put his dollars? In an Argentine bank? Now that would require a lot of trust.

 

[French jurist]

Plenty of spaces to hide bills, think creative:
- Put the bills in a bag and tape it below a chest of drawer.
- Buy a screwdriver and take out a panel of a washing machine or whatever big sized equipment and hide it there.
- etc. etc.

 

[Iznogud]

Heh! Um, where else is he going to put his dollars? In an Argentine bank? Now that would require a lot of trust.

A loan? Sure! Gimme a sec, I'll get you the money. It's right here with me.