Is money lending without a license considered illegal in law?
I lent some money to a project for 6 months at 6% interest per month, without a license. Now, can I apply for a money lending license to legalize this? Also, the 6-month period is now over.
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Advocate By LEAD INDIA
Answered: 13 Aug 2025
Lending money without a license is illegal, and courts may not help recover interest or even the full amount. You can apply for a money lending license now, but it won’t cover past loans. For future safety, get licensed and use proper written agreements to avoid legal issues. For further legal assistance contact us on our helpline number.
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