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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 16791
Experience:  30 years as a practising solicitor.
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Can I take a loan (£10,000) from the bank and lend it to a

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Can I take a loan (£10,000) from the bank and lend it to a friend? I live in Scotland.

Thanks for your question. I am a solicitor in Scotland with 35 years of experience in private practice and I hope that I can help you with your question today. Let me have a quick look at your question and I will either give you an initial answer or ask you for further information. I aim to respond as quickly as I can but sometimes I may want to take a little time to consider your question so as to give you the best possible answer.

Yes you can as long as there is no bank condition to say otherwise. And make sure the loan agreement with your friend is properly documented in writing.

I hope this helped you today. Please do let me know if I can clarify anything. I am always happy to help. You are always welcome to ask a follow up question if it will help you further.

JGM and other Scots Law Specialists are ready to help you
Customer: replied 8 days ago.
Thank you for your answer, I have a one more question :) Does the contract between the lender and the borrower, i.e. between my friend and me, have to be legally confirmed, or is it sufficient to have a written agreement signed by us?