Legal Question in Credit and Debt Law in California
I ended up owing money from my partner and he's been charging 36% APR on it since I orally agreed at the beginnning. Now the balance exceeds $9,000 and $270 interests charged every month. I live in California and wondering if the state regulation of 7 or 10% anum can restrict this.
Asked on 2/12/14, 3:33 pm
1 Answer from Attorneys
It depends on what the debt was for. If it is a business debt, there is no limit on interest. Did you agree to the 36% interest, however? Unless there is an agreement to the rate, either written or at least oral, then the rate is the statutory rate.
Answered on 2/12/14, 3:59 pm
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