More details to this question:
This other person, who is actually a public defender has been taking loans from me for a while. We made all agreements/contracts through text message. This person originally approached me asking for a loan. The terms were at 10% interest added to the principle to be paid at the end of the month. She agreed and she borrowed the money and paid it back at the end of the month with 10% interest. She did this for two months in March/April of 2014. In early Oct. of 2014 she once again asked for a loan, I raised the interest level to 20% but she agreed anyways. I loaned her the money and it was paid back with 20% interest at the end of the month. She did this again for 3 consecutive months borrowing money at 20% interest and paying it back at the end of the month. I assume to a certain degree that this is acting on a contract or agreement that we made over text. (please see other message for rest of "details" as I ran out of room)
1 ANSWER
Not sure what your question is, but 20% interest a month (240% per year) is more than 10 times the amount of interest you can legally charge an individual in New York. The legal interest rate may be higher in Florida, but 240% a year seems way out of line. You may not only have a problem enforcing your contract due to usury, you may be liable to repay all the interest paid to date, if not the principal, on the other illegal contracts.
Answered on May 04th, 2015 at 12:26 PM