is there a maximum interest rate i can charge someone for lending money in California?

0 ⤊

is there a maximum interest rate i can charge someone for lending money in California?

2006-07-26 19:36:12 · 2 answers · asked by peterd 1 in Business & Finance ➔ Renting & Real Estate

2 answers

Consult with an attorney. CA probably has a usury law. As long as you stay below that ceiling, you'll be legal.

2006-07-26 20:40:14 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋

Unless you are licenced by the state you cannot lend somebody money and charge them interest. Officially. However, unofficially you charge whatever you like, if they agree to pay it back at a really high rate, that is their problem. You must realise, that if they dont pay it back you will probably have to break their legs!

2006-07-26 19:41:23 · answer #2 · answered by dog T 1 · 0⤊ 0⤋