andl
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 15 Jun 2005
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| Usurious? |
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Hello and thanks.
I would like to discourage people from taking advantage of my willingness to use my own money to pay for the materials for their project and then being slow to pay it back.
Would it be usurious to charge 10% on all out of pocket cash outlay and another 10% if payment is not received within 30 days?
Thanks
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Wed Jun 15, 2005 3:21 am |
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Andrew
Admin
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Location: Texas
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That's a high rate, but you probably aren't lending on the scale of banks, and it sounds like these are supposed to be short term loans. It's your money, your terms...
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Thu Jun 16, 2005 3:44 pm |
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Judge Roy Bean
New Member
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Joined: 23 Jun 2005
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| Re: Usurious? |
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quote:
Originally posted by andl
Hello and thanks.
I would like to discourage people from taking advantage of my willingness to use my own money to pay for the materials for their project and then being slow to pay it back.
Would it be usurious to charge 10% on all out of pocket cash outlay and another 10% if payment is not received within 30 days?
Thanks
Several states have their own laws regarding business and consumer interest rates, charges, fees, etc. As a provider of services, you may also have contract law limitations on what you can legally charge.
You'd better run whatever you think past a local attorney, particularly when it comes to the fine print you'll have to draft up and have signed by your client/customer.
The Honorable Judge Roy Bean
http://www.loansharks.blogspot.com
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Thu Jun 23, 2005 3:15 pm |
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