What is the maximum interest rate a financial institution can charge?

Answers:0   |   LastUpdateAt:2012-10-11 08:34:13  

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makeda
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A friend of mine was trying to get a loan of $ 5,000 to consolidate bills . She does not have the best credit because they have these bills , but you pay more than the minimum and never too late. He contacted a certain financial and payment would be $ 350 for 36 months. I did the math and she would have to pay back almost $ 13,000 ! I put this in a loan calculator and discovered he would pay 75% per year! Is this legal ? ( I realize I should not have got into this debt much at first , but still, this is ridiculous . ) Is there a limit to how much you can charge !
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