What is the highest rate of interest that can be charged on unpaid accounts receivable?

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What is the highest rate of interest that can be charged on unpaid accounts receivable?

2007-11-05 06:40:25 · 3 answers · asked by curious george 1 in Politics & Government ➔ Law & Ethics

3 answers

I am not sure but it would be worth your while to look into it. For example if the interest rate legally is one number and someone is charging so much over the legal rate, that is considered usury-loansharking- which means you can get all the interest taken off the loan. Also, in some states you can get the whole loan forgiven for violating this law.

2007-11-05 06:48:15 · answer #1 · answered by Terri W 2 · 0⤊ 0⤋

If you are a loan shark, the sky is the limit.

Usury was at one time punishable by death.

2007-11-05 14:48:59 · answer #2 · answered by Computer Guy 7 · 0⤊ 0⤋

Depends on jurisdiction. Different states have different statutues.

2007-11-05 14:45:28 · answer #3 · answered by Anonymous · 0⤊ 0⤋