If a custom has a balance over 30 days at what rate/percent (legitimate) can a business charge finance fees ?

Question

Most businesses charge 18%, but is this legitimate if they are not a Financial Institution such as Citizens Bank.

Answer 1

There is no legal or legitimate levels with interest levels. I know of a place that finances used autos for people with less than good credit at like 38% and 42%. If you do not agree with the rate they are trying to give you then DO NOT SIGN!!!!! If you are of age and you sign the contract regardless whether it is "FAIR" or not you will be held liable.

Be Careful and Good Luck!