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A friend needed 20,000 to finish a house flip and drew up an…

Customer Question
Hi a friend needed 20,000...
Hi a friend needed 20,000 to finish a house flip and drew up an agreement that stated he would pay 750.00 interest and the loan would be paid in 30 days.....if it was not paid the interest would be 1000.00 for each and every 30 days.....with a 5000.00 penalty added in not paid within 60 days.
He drew up the contract and is now saying that the interest rate is illegal...! He drew up the contract.....
Submitted: 2 years ago.Category: Legal
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Answered in 1 minute by:
1/29/2016
Lawyer: LawTalk, Attorney replied 2 years ago
LawTalk
LawTalk, Attorney
Category: Legal
Satisfied Customers: 37,876
Experience: I am a practicing attorney with more than 3 decades of experience in the legal field.
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Good afternoon,

I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today. In order to give you a clear and concise answer, I will need some additional information about the circumstances, please.

1. What state was the contract created in?

Doug

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Customer reply replied 2 years ago
Indiana
Customer reply replied 2 years ago
I found that there are no usury laws in Indiana and since he drew up the agreement it should not matter how much the interest is.....right? He offered me the agreement ,so if it is illegal he would be at fault and he works in the real estate business
Lawyer: LawTalk, Attorney replied 2 years ago

Good evening,

Thanks for the information.

He is not correct.

While a penalty is considered as interest in determining whether an interest rate violates a state Usury law, because Indiana is one of two states that has no usury laws on the books, the penalty is legally enforceable.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

Please be so kind as to rate my service to you. That is the only way I am credited for assisting you.

I wish you and yours the best in 2016,

Doug

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Lawyer: LawTalk, Attorney replied 2 years ago

Good afternoon,

Do you have any additional questions that you would like me to address for you? In case you would like a phone call to further discuss these issues you have raised, I will make that offer to you. You are certainly not obligated to accept a call offer, but many people do find it helpful for clarification purposes, as well as to allow them to ask additional questions.

If I have provided you with the information you were seeking, would you please now rate my service to you?

Please keep in mind that, even though you have already paid your deposit money over to JustAnswer, until you rate me highly for my service, I will not be paid for having assisted you with your questions.

Thanks in advance,

Doug

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