I know someone who makes contracts when she lends out large amounts of money with interest (10%). Can this person sue in court if someone fails to pay her?
2007-09-28 06:42:15 · 5 answers · asked by Lelos 2 in Politics & Government ➔ Law & Ethics
No, it is not illegal and yes, she can sue.
So pay her back.
TO SOCAL:
For reference, what IS the usury rate in Cal.?
2007-09-28 06:44:52 · answer #1 · answered by hexeliebe 6 · 0⤊ 1⤋
If it's a legally binding contract, yes.
Next time you take a loan out at your bank tell the loan officer you don't want to pay any interest. Then see how far you get.
2007-09-28 13:45:57 · answer #2 · answered by Anonymous · 0⤊ 1⤋
How do you think car loans and home loans work? Yes, the lender (be it a bank or a person) can sue to get their money back if the terms of the agreement are violated.
2007-09-28 13:48:20 · answer #3 · answered by Michael C 7 · 0⤊ 1⤋
Not only is it legal, but charging 10% interest is specifically allowed by California law.
2007-09-28 13:46:17 · answer #4 · answered by Carl 7 · 2⤊ 1⤋
Not at all....
Didn't you know that EVERYTHING is legal in California.....???
You can do whatever the heck you like in that state...!!!
; )
lol
; )
xoxox
2007-09-28 13:50:33 · answer #5 · answered by Anonymous · 1⤊ 1⤋