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Usuary rate and APR

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Lindar Guest	Posted: Wed Feb 02, 2011 3:29 pm    Post subject: Usuary rate and APR Like 0 Dislike 0 If the stated rate on a loan is 18% and the effective APR ends up being 87.55% does this violate the usuary laws? In other words is the APR taken into consideration. We are a state chartered credit union in Florida. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Feb 02, 2011 8:00 pm    Post subject: Like 0 Dislike 0 Hi Lindar! Welcome to forums! APR can be defined as the interest rate for a whole year rather than just a monthly fee/rate, as applied on a mortgage, etc. It is a finance charge expressed as an annual rate. Check out the state wise usury limits from the given page: http://www.mortgagefit.com/usury.html Feel free to ask if you've further queries. Sussane

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