What is the highest interest rate I can charge on a personal loan?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What is the highest interest rate I can charge on a personal loan?
Asked on February 27, 2012 under Business Law, New Jersey
Answers:
Cedulie Laumann / Arden Law Firm
Answered 12 years ago | Contributor
Maryland law imposes various limits on interest rates, but much depends on WHO is loaning, to WHOM and for WHAT purpose and WHAT collateral. Additionally, lenders should be very careful to ensure that they comply with any registration and/or licensure requirements. an occasional loan to a family member or close friend probably will not trigger licensure but one is well advised to seek legal counsel on the specifics of the contemplated loan before drawing up the documents.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.