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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
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Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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what is the max interest rate (monthly and yearly) for a unsecured

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what is the max interest rate (monthly and yearly) for a unsecured personal loan (100,000) in calif with intesest only payments with no maturity date between two individual people.
Under the CA usury laws, the maximum interest rate that can be charged on a personal loan from an individual loan is the HIGHER of 10% or 5% over the prime rate charged by the Federal Reserve Bank in San Francisco. This does not apply to financial institutions and other licensed fincance companies.

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Customer: replied 7 years ago.

Thank you for the ans. I just need a little clearification on the int.rate. Is the 10% / 5% yarly or monthly.

It is expressed as the Annual Percentage Rate. Thus, you would calculate the annual percentage and divide it out by the payment terms of the loan.

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