Home loan? Car loan? Student loan? Business loan? $1000 your neighbour lent you? Believe it or not, they all have different rules on maximum legal interest that can be charged.
Also, was it a private individual or national bank or some other institution that lent the money? How much interest they can charge -- on either the initial loan or as a penalty for late/delayed payments, varies enormously.
I think you can assume that if they had you sign a legal agreement when you first took out the loan, that they have probably covered themselves to be charging whatever interest they are, now.
Some general limits:
Private intra-personal loans: maximum 18%, except if amount >$500,000 limit=25%.
National Banks: a bit higher Federal Reserve Discount Rate.
Other institutions: all have their own rules.
Contact a lawyer if you think it's Highway Robbery -- it probably is, but still legal Highway Robbery.
Also, was it a private individual or national bank or some other institution that lent the money? How much interest they can charge -- on either the initial loan or as a penalty for late/delayed payments, varies enormously.
I think you can assume that if they had you sign a legal agreement when you first took out the loan, that they have probably covered themselves to be charging whatever interest they are, now.
Some general limits:
Private intra-personal loans: maximum 18%, except if amount >$500,000 limit=25%.
National Banks: a bit higher Federal Reserve Discount Rate.
Other institutions: all have their own rules.
Contact a lawyer if you think it's Highway Robbery -- it probably is, but still legal Highway Robbery.