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stevewlaw, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 207
Experience:  25+ years and millions of dollars in settlements representing consumers injured by defective products.
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What legal limits are there loans? I accepted

Customer Question

What legal limits are there for business loans? I accepted a $3,900 deposit into my business bank account from a New York company, and they are withdrawing $100 per weekday for 67 days, totaling $6,700 payback over 2 1/2 months!
Submitted: 2 years ago.
Category: Consumer Protection Law
Expert:  stevewlaw replied 1 year ago.
If your "business" borrowed the funds in a private transaction, unfortunately there does not appear to be a maximum "civil" interest rate by which you could void the transaction as usurious. In addition, many lenders like this (and I have no idea who your lender is or the details of the transactions), are Indian tribes and are not subject to state lending laws. Unfortunately, however, this loan does not appear to have violated any laws even though the APR is egregious. I'm sorry again. Best, steve
Expert:  stevewlaw replied 1 year ago.
Any further questions on this matter??

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