Posted on: 16th Nov, 2006 08:40 am
What is max legal interest on a consumer personal loan of $68000.00 for one year? (Texas)
Hi Hannah,
As per the usury laws in California, the lender are allowed to charge a maximum of 10% interest rate on a loan used for personal, family and household purposes. So, I believe a 7% interest rate on a second loan is within the maximum limit allowed under the usury laws.
As per the usury laws in California, the lender are allowed to charge a maximum of 10% interest rate on a loan used for personal, family and household purposes. So, I believe a 7% interest rate on a second loan is within the maximum limit allowed under the usury laws.
we got a loan from a friend for 9395 there was no talk about interest untill we said that we have overpaid 830 then she has come up with you still owe me 346 because of interest, we have paid this person on time every week for the last 3 years and nothing in the beggining was ever said about interest. can a loan become a loan after the fact?
Hi Guest!
Welcome to forums!
Do you have any written agreement regarding the loan? If yes, then the terms and conditions mentioned in the loan docs will be followed when the lender i.e. your friend recovers the loan. If an interest rate is mentioned in the loan agreement, then you'll have to pay it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Do you have any written agreement regarding the loan? If yes, then the terms and conditions mentioned in the loan docs will be followed when the lender i.e. your friend recovers the loan. If an interest rate is mentioned in the loan agreement, then you'll have to pay it.
Feel free to ask if you've further queries.
Sussane
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