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 Posted: Sat Mar 15, 2008 3:01 pm Subject: Usuary? |
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Hi,
Is it legal in the state of Georgia to charge $300 interest a month on a $3,000 unsecured personal loan, or is this usuary?
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shawmaryann
Joined: 15 Mar 2008
Posts: 1
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| Posted: Sun Mar 16, 2008 5:11 am Subject: |
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I am not real sure about Georgia law, but why would the state be charging anything on a loan, the financial institution should be charging fees, not the state. I am waundering what the state has to do with a loan?
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erb1953
Joined: 30 Dec 2007
Posts: 108
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| Posted: Sun Mar 16, 2008 5:18 am Subject: |
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what is usuary?
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jos82003
Joined: 18 Jan 2008
Posts: 177
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| Posted: Sun Mar 16, 2008 8:22 am Subject: |
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| shawmaryann wrote: | Hi,
Is it legal in the state of Georgia to charge $300 interest a month on a $3,000 unsecured personal loan, or is this usuary? |
Is this a payday loan? Who is the lender, and what terms? Did you get this loan in a storefront, or online?
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unclewulf
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| Posted: Sun Mar 16, 2008 8:30 am Subject: |
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| jos82003 wrote: | | what is usuary? |
Usury is the practice of lending money at extremely high interest rates, often well in excess of the legal interest rate limit [which varies by state]. Payday loans, 'cash advance' loans, pawn/title loans. and loan sharks spring to mind here.
Read this.
_________________
-
The four 'no's of dealing with collectors:
No validation?
No payment.
No way!
No kidding!!
Economic Stimulus information from the Infernal Revenue Sadists
Tellin' you all the zomby troof
Here I'm is, the zomby woof
[Frank Zappa, 1988 - R.I.P.]
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unclewulf
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