Is it legal for an individual to give a personal loan with 24% non-compounded interest in state of California?
Friday, May 29th, 2009
†?!?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?
Caffeinated Content
