New York  |  Credit and Debt Law

Legal Question

Asked on: 4/17/13, 3:08 pm

I'm charging 5% per month for loans I give to friends and one client let her check bounced and I'm planning to sue her but she might charge me with usury ?

1 Answer

Answered on: 4/17/13, 3:24 pm by Rory Alarcon

NY limit on interest is set at 16% per year. Loans with interest rates over 25% per year can be charged as felonies. I would avoid the court route and rewrite the loan terms.

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Rory Alarcon, Esq. PO Box 1359 Hauppauge, NY 11778

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