2007-02-22 12:36:10 · 3 answers · asked by Anonymous in Business & Finance ➔ Credit
Not sure what the actual amount is but you need to be carefull. If you charge excesive amounts because you want to "stick it to someone" that could be considered "usury". If the person who took out the loan takes it to court the court could void the loan and the lender would be out the money.
2007-02-22 13:46:43 · answer #1 · answered by OC1999 7 · 0⤊ 0⤋
Don't know about Connecticut (?) law, but in any case, if you want to gouge the person that much, you obviously don't like him/her very much, why bother?
If you're planning on becoming a "banker," remember that you're going to tick-off some serious people, and they are likely to take a VERY large percentage (ruinous in fact) to "let" you operate. Not worth it.
Most I've ever charged on a loan is 20%...even then, I only charged that much because he insisted...then there was the late charges / bounced check fees. He ended up owing me $700 for a $500 loan...he didn't have to pay me more because *I* entered a clause in the contract where he'd not have to pay more than $100 for late charges (other wise he'd still have to be paying me $25 a month for late fees on a 4 year-old loan).
2007-02-22 12:55:41 · answer #2 · answered by jcurrieii 7 · 0⤊ 0⤋
Looking to stick it to somebody as hard as you can huh?
2007-02-22 12:44:39 · answer #3 · answered by atiredwing 3 · 0⤊ 0⤋