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Minimum interest rate in MA - for clarification
Boston, MA
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Posted about 1 month ago in Debt / Lending Agreements
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A 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.
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Answers (1)
Christopher W. Vaughn-Martel
This attorney is licensed in Massachusetts.
Posted about 1 month ago.
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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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