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Minimum interest rate in MA - for clarificationA friend of mine took a loan from a co-worker of his and he agreed to sign a contract which states that he repays the loan plus a by law required interest rate. Now his co-worker wants to charge him with 2%. The question is if there is such a thing as a minimum interest rate that would be required by law. Attorney answers (1)
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Answered over 2 years ago.
Family Law Attorney in Boston, MA.
There are no minimum requirements for interest (0% would be fine). There are, however, laws that protect parties to a contract from usury (excessive interest).
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