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Want to loan someone 35,974.00 at 10% for 60 months. The…

Want to loan someone 35,974.00...
Want to loan someone 35,974.00 at 10% for 60 months. The first payments will be $500.00 for 13 months, from Jan 2018 to Feb 2019. This will be $6500.00. I will subtract $6000.00 from the 35,794.00 with interest of $500.00 and finance 29,794.00 for payments of $768.74 for 47 months. I will earn a total of 6336.97 + 500.00 for a total of 6836.97. Is this legal in Washington state?? Total interest and principal is 42,630.00. Thank you.
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Answered in 2 hours by:
12/26/2017
Michael Gonzalez
Category: Legal
Satisfied Customers: 607
Experience: Managing Member at EWF Title, LLC
Verified
Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.Washington State has a usury law (RCW 19.52) that sets limits on the maximum rate of interest a lender may charge a borrower. The usury law applies to consumer loans that are not related to a credit card debt, a retail installment contract or a consumer lease.According to RCW 19.52.020(1), a lender may, if agreed in writing between the lender and borrower, charge an interest rate at a maximum rate of 12% per year. Or, a lender may charge 4% above the first auction quote on the Federal Reserve’s 26-week treasury bills made in the month preceding a written agreement between lender and borrower. A lender may use whichever rate is higher - 12% or 4% above the Federal Reserve rate on 26-week treasury bills.For many years, the Federal Reserve rate on 26-week treasury bills has remained below 8%, so that Washington State’s maximum interest rate under the general usury law has effectively been 12%.
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Michael Gonzalez
Category: Legal
Satisfied Customers: 607
Experience: Managing Member at EWF Title, LLC
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Customer reply replied 4 months ago
Is it lawful to break the debt into two segments...thirteen months at 500.00/mo and then 47 mos at $768.74/mo. I have made three other loans to this person and he has been very slow pay. Three original loans were for $25,000.00, $8,000.00 and $3,000.00 (Yes, I am a sucker.) He now owes $22,140, $6980.00, and $3,000.00. I have never charged him late payments; however, interest has continued. Will I get into tax trouble because I have not actively pursued the collection? I did report the interest I collected for the years I collected.
Customer reply replied 4 months ago
OK by me. How do I proceed??
Irwin Law
Category: Legal
Satisfied Customers: 10,682
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Phone call session started
Customer reply replied 4 months ago
I have notarized contracts for all three loans including amortization schedules.
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