Although in general there is no limit on the amount of interest which a borrower may agree to pay, equity has always been ready to grant relief from unconscionable bargains.
It had been the practice of a certain class of lender to trade under a variety of names; so that under one name the same individual would lend money to a person who borrowed from him under another name; the second loan would be spent in liquidating the first, and the borrower finding it always easy to obtain more money would continue borrowing until he became hopelessly involved.
One of these is micro-lending, which directly connects the lender with the borrower and which the Internet has made appealingly easy and personal.
He was a follower of none, an original borrower from all.
The existence of the professional lender, as apart from the ordinary facilities for borrowing money on good security, is obviously due to the fact that it is not every borrower who is in a position' to give good security for a loan.
A check is placed on false representations and promises made with the intention of inducing a borrower to enter into a loan transaction.
Where an intending borrower breaks his agreement to borrow, specific performance will not be granted, and the damages recoverable must be measured by the loss sustained through the breach and not by the sum agreed to be lent (The South African Territories, Limited v.