I asked a family member for a large loan and he was not able to give me one…
I asked my brother for a large loan and he was not able to give me one. However, he offered to give me from his bank (home equity) line of credit which charges interest of approximately 6%. I assured him that any interest charges he incurs I will repay so that he does not lose anything for giving me the loan. We want to ask if there is any problem with doing this?
The loan was for a little over a month and the repayment would be sent directly to his bank, not to him.
If the bank holds your brother accountable to pay, which in your case that’s what it sounds like, then it is a problem. Therefore, you can make up to pay the loan, but not the interest.