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 ?
Asked on 4/17/13, 3:08 pm
1 Answer from Attorneys
Rory Alarcon
Rory Alarcon, Esq.
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.
Answered on 4/17/13, 3:24 pm
