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QUESTION

Is 320% interest rate on a loan illegal?

Asked on Aug 16th, 2017 on Civil Litigation - Texas
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Title loan
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1 ANSWER

Bruce Robins
Appellate Practice Attorney serving New York, NY
Partner at Feder Kaszovitz LLP
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In NY the maximum interest thaa legally can be charged is 16% annually to an individual, 24% annually to an entity.  I don't know what Texas law provides, but I'd be surprised if 320% wasn't way over the allowable rate.
Answered on Aug 16th, 2017 at 9:43 AM
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