Is it legal for an individual to give a personal loan with 24% non-compounded interest in state of California?
†?!?K †??K² asked:
My employer asked me to give her a loan. She said she will pay 2% of the total borrowed amount per month and at the end of the year, return the original borrowed amount. I figured this is 24% APR interest rate. Is this legal for me to do?
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My employer asked me to give her a loan. She said she will pay 2% of the total borrowed amount per month and at the end of the year, return the original borrowed amount. I figured this is 24% APR interest rate. Is this legal for me to do?
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May 30th, 2009 at 11:07 pm
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seems like robbery to me…
June 1st, 2009 at 6:59 am
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ya
June 4th, 2009 at 12:42 am
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yes its legal, just make sure you get everything documented and signed
June 4th, 2009 at 5:33 pm
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24% is inaccurate. that’s 2% compounded monthly, i believe. as long as she’s agreed, she gets a much worse rate w/ a credit card actually charging 25% apr.
June 5th, 2009 at 10:53 am
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You must love yourself since you used that pic for your profile.
June 6th, 2009 at 5:34 am
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You’ll never see your money again.
Say no to giving that loan.
Trust me — you’ll never be repaid.
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