2006-08-28 14:17:37 · 6 answers · asked by Steve C 1 in Business & Finance ➔ Personal Finance
It varies from state to state, you have to look it up for whatever state you're in, look it up here
http://www.lectlaw.com/files/ban02.htm
2006-08-28 14:23:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
There is no such thing as unreasonable interest in the United States. You can charge someone 2000% compounded daily if they are stupid enough to sign the paper. The problem comes in when you try to enforce it. You have to take them to court (at your own expense) and have their wages garnished or any number of other things. At some point you just can't get water from the stone though. I could owe you $10,000,000,000 and the courts issue a decree to garnish my wages $20 a week for the rest of my life...and you're just out of luck.
2006-08-28 21:35:26 · answer #2 · answered by tjjone 5 · 0⤊ 0⤋
The limits vary from state to state, but in general, the rate cannot be considered "excessive." Some states actually have a specific amount that is the boundary between excessive and not. Others don't have a specific limit and leave it to the courts to decide what's excessive or not.
2006-08-29 06:43:50 · answer #3 · answered by msoexpert 6 · 0⤊ 0⤋
Individual to individual? As much as he can get.
2006-08-28 21:22:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you can whack him for however much he will pay , Depend on how despearate he is , how bad hios credit is , and make sure you get collateral exceeding the loan value cause the guy sounds like a real loser and probably will not pay back.
2006-08-29 11:08:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
whatever.. there is no limit but just have to get it in writing.
2006-08-28 21:22:46 · answer #6 · answered by Mightie Mouse 3 · 0⤊ 0⤋