If someone wants to borrow money OFFERS an . . . - Justia Ask a Lawyer A: In Indiana, the maximum allowable interest rate on loans is regulated by state usury laws, and exceeding these limits can result in legal consequences While state law may set a maximum interest rate, it's generally applicable to contractual agreements
In the state of FL, what is the maximum late payment interest charges a . . . In very general terms, Florida law provides that no combination of interest and late fees should exceed the statutory usury limits, however, the usury law provides for a number of exceptions (most notably banks, credit cards issuers, and other lenders) and varying remedies, including preventing the contractor from collecting the entire amount
What is the maximum interest rate on a retail installment contract Under the "time price doctrine" a retail installment sale has for hundreds of years been deemed not to be a loan of money subject to the usury laws New York's Retail Installment Sales Act was amended in 1994 to make explicit that the maximum interest rate that may be charged is whatever rate is written in the contract
Is charging high interest on personal loans friends is punishable, if . . . Usury Laws: California has usury laws that set limits on the interest rates that can be charged on personal loans The maximum annual interest rate for non-exempt lenders is generally 10% for loans for personal, family, or household purposes
Q: Is it illegal to offer a land contract at zero - Justia Ask a Lawyer Usury laws, if applicable, may regulate the maximum interest rates that can be charged on loans or contracts Additionally, offering a land contract at zero percent interest may have tax implications for both the buyer and the seller
Can Post Lake Lending take me to court in Ohio for my loan issue? In Ohio, loans with sky-high interest rates like 670% are almost always considered illegal under the state's usury laws, which cap interest on most consumer loans Post Lake Lending is likely operating outside of Ohio’s legal lending limits, especially if they are affiliated with a tribal lending entity that claims exemption from state law
Q: What are Floridas interest rate limits for SBA loans? If you’re purchasing company assets with an SBA loan, your interest rate will fall within these SBA limits, not Florida’s state usury laws You should carefully review the loan documents and consult with your lender to understand the applicable rates for your specific loan
Can I sue a finance company for charging double the amount for a . . . A: Not likely There are usury rate laws lenders need to follow, but there are so many loopholes for them that I find it common for my clients to have 20+% interest on car loans There could also be hidden fees and upcharges that upped your principal balance You should speak with a bankruptcy attorney regarding your options