Posted On: 05/28/2016 12:10:09 AM
Post# of 15187
Defaulting might end up being the main issue. You probably came across the same sites I did. It seems to be similar to a credit card. You pay 16% but if you default then interest and penalties are incurred that go way beyond the typical usury laws and they are all perfectly legal
http://www.justanswer.com/business-law/5qnwm-...rcent.html
if the interest and penalty under the loan only arises/occurs upon default, the provisions are not governed by the usury laws. Thus, if this is the only time the penalties would come into play, you likely cannot claim usury to get around paying this interest and penalties.
http://www.justanswer.com/business-law/5qnwm-...rcent.html
if the interest and penalty under the loan only arises/occurs upon default, the provisions are not governed by the usury laws. Thus, if this is the only time the penalties would come into play, you likely cannot claim usury to get around paying this interest and penalties.
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