Defaulting might end up being the main issue. You
Post# of 15187
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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