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  • Writer's pictureSean Hayes

Maximum Rates Of Interest Allowed On Private Loans In New York: New York Usury Law

Charging interest rates that exceed the state maximum allowed by law is called usury (also commonly referred to as “loansharking”), which is illegal.  When it comes to determining at what rate a particular interest charge becomes actionable on a civil basis (where a borrower can object to the terms of the loan), and at what rate the charge may actually expose the lender to criminal liability, New York Law can be a little complicated.

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