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Infolawyer, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 6768
Experience:  Licensed attorney helping individuals and businesses.
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Thank you answer to my question. Now that I know that NC law

Customer Question

Thank you for the answer to my question. Now that I know that NC law is 8% allowable interest to charge on a personal loan. Can you now help me find out the interest that has accumulated since the loan went past due? The loan was due paid in full 03/31/2015.
I haven't received a penny to date on this personal loan. I am filing a small claims and just need to know what is fair/legal to put in the interest to date block. Also I have an IOU signed by the defendant, do I select money lent or promissory note? Thank
you for your help in advance. Bruce
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Marsha411JD replied 1 year ago.

Bruce unfortunately, I am not an accountant and also cannot be your attorney, so I cannot calculate the interest due on any loan or give you specific advise on how to fill out your form. But I want to make sure you understand that personal loans between individuals who are not in the business of making loans, is not limited to 8%. The usury laws don't apply to that situation, and the level of interest depends on the amount loaned. Also, an IOU would not normally be considered a "promissory note." Please read the attachments I provided for the specific details.

Customer: replied 1 year ago.
Thank you once again for your advice. I believe that I can read between the lines and now know how to properly file the doc.. I did not receive any attached doc as stated in your response. Could you please send them again. Thank you Ms Marsha. Bruce
Expert:  Marsha411JD replied 1 year ago.

I am sorry for misstating what I sent. I mean the links I provided, which are within the text of the response.

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