Minimum interest rate in MA - for clarification
Boston, MA
Viewed 18 times.
Posted about 1 month ago in Debt / Lending Agreements
Flag as objectionable
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.
- Is this your question? Add additional information
Answers (1)Christopher W. Vaughn-Martel
This attorney is licensed in Massachusetts.
Posted about 1 month ago.
Flag as objectionable
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).
Back to Search Results
Next question: Who would be considered Heir. Previous question: My rights under joint-custody in Maine. |