if there are isolated transactions by money lender he need not have money lender licence 

2) you would not be entitled to refund of interest paid by you 

Than it will consider as private loan but interest cannot be charged as without license is crime.

Can file complain - punishment up to five years or with fine which may extend to fifty thousand.

1. You can make a complaint to the relevant ward of Dy.Registrar of Cooperatives, against the unauthorized money lender activities.

2. However you will not be able to recover your interest amount or any other amounts, for which you will have to approach the local Civil Courts.

Lending money is no crime. It is not a civil wrong .

A man can lend money even without any licence. 

If you two have agreed upon certain things then in that case filing a case after repayment of the loan will not be possible. 

Regards

Sir,

Limitation for filing a civil suit is 3 years from the date of the cause of action.

However, you may send him a legal notice for doing business without a proper license as mandated under The Bombay Money Lenders Act.

Dear Sir,

Yes, you can take action to recover the loan amount paid.

As per Section 17 of the Money Lenders Act, a person can be punished only if he carries on the business of money lending without a license or.... ... ...the transactions of money lending without obtaining valid license as per law. He further denied the transaction itself and his signature on the promissory note.

This is money lending which is illegal in India, if your friend has license for lending the money on interest then only he is right otherwise not. There is no such cap. ... As per money lending act, interest on loans cannot be charged exorbitantly. The normal interest that shall be chargeable shall restrict to 24% pa.

Yes, you can make complaint against him under Money Lenders Act.

Hard money lenders offer loans that your bank cannot. They lend based (mostly) on collateral instead of credit scores. It is a short term loan secured privately.

Hard Money Lenders generally need to be licensed in each state- typically via the Department of Real Estate, and one person associated with the lending needs their Real Estate Broker License.

Any person who intends to conduct Money Lending and Pawn Broking business shall obtain license as per the laws of the respective states.

1.Without money lending license you cannot start such business either in short scale or in large scale.

2. Such business is permissible only after getting necessary licenses from RBI and SEBI. ...

you have to apply for a license to lend the money to make sure a legal recovery if any loan defaults.

If you intend to recover the money given as interest for the lender not having license, you can go ahead to file a recovery suit on the basis of the grounds you rely upon.

If you have paid him as a money lender then you can ask him the legality to charge the same and if not satisfied file recovery suit for the same

Lending money on interest without having a license is a crime. The money lending act requires that a license be taken by the petson who is involved in the said business. If such license is not taken and money is given as loan then the same constitutes a criminal offence. 

No you cannot take any action if you have repaid him the loan amount and interest willfully.

- According to the Indian Contract Act , an agreement between two persons, which is accepted by both the parties and enforceable in the court is valid.

- Therefore, any interest rates that are mutually agreed , irrespective of the percentage of interest, is valid in the eye of law.

- Hence, if you have accepted and singed certain papers at the time of taking loan , or even orally agreed to repay the said loan with the interest, then you cannot take any legal action against him , on the ground of high interes.

- Otherside, if an individual doing the business of lending loans to the needy , on high rate of interest, then that money lending is illegal in India , and it needs a lincence for the same. 

- If, the said person is involving in the business of lending loan to the needy persons , then you can lodge your complaint on the ground of Licence against him , and a copy for the same should be forwarded to higher police officials. 

1. As per the information mentioned in the present query, makes it clear that you took some money from one money lender though now you have been informed/ got to know that the person doesn’t have the money lending licence.
2. It is right that he has charged little high interest of rate (if it is per annum, otherwise he has not charged you fairly), but now if you wish to then you can initiate a suit for recovery of surplus interest before the civil court of law.
3. And you can also file criminal case against him for cheating and personation.